Describe the choices that consumers make and explain why consumers are efficient on the market demand curve
What will be an ideal response?
Consumers allocate their budgets so they get the most value from their budgets. When consumers are on their demand curves, they are getting the most value out of their resources and are efficient.
Economics
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Nominal rigidity is another term for:
a. sticky prices. b. fixed exchange rates. c. menu prices. d. the trilemma.
Economics
The above figure shows a nation's production function. Point C is
A) unattainable given the nation's resource level. B) attainable if the nation uses resources efficiently. C) attainable if the nation uses resources inefficiently. D) the maximum amount of real GDP the nation can produce. E) the labor market equilibrium point.
Economics