Which of the following statements is true of economic reasoning?
A) Economic reasoning hampers optimal decision making.
B) Economic reasoning can only be used with normative choices.
C) Economic reasoning implies that leisure time is free and costless.
D) Economic reasoning helps people make the best use of scarce resources.
D
Economics
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Describe the difference between technology and positive technological change
What will be an ideal response?
Economics
Diseconomies of scale occur when a firm's
a. marginal costs are constant as output increases. b. long-run average total costs are decreasing as output increases. c. long-run average total costs are increasing as output increases. d. marginal costs are equal to average total costs for all levels of output.
Economics