The concept of the margin deals with:
A) making incremental choices.
B) one more or one less of something.
C) doing a little more or a little less.
D) all of the above.
Ans: D) all of the above.
Economics
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Cross-price elasticity of demand is defined as the:
A. percentage change in demand divided by percentage change in the price of another good. B. change in the price of another good divided by the change in quantity demanded. C. percentage change in quantity demanded divided by percentage change in the price of the same good. D. percentage change in the price of another good divided by the percentage change in quantity demanded.
Economics
All of the following concepts are related EXCEPT
A. Competition. B. Government planning and regulation. C. The invisible hand. D. The price mechanism.
Economics