The primary objective of economics is
A) to learn how to create more resources.
B) to study how people make choices with limited resources.
C) to learn how to make the most profits with a given amount of resources.
D) to study why some people are never happy with the resources they have.
B
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Which of the following is an example of price discrimination?
A) Increasing the price of a product when demand for the product increases. B) Charging different prices for a product in different regions of the country due to differences in transportation costs. C) Bundling complementary products to attract additional sales. D) Reducing the price of a product to reduce excess inventory.
The relationship between MC and AC can best be described as
A) when AC increases, MC starts to increase. B) when MC increases, AC starts to increase. C) when MC decreases, AC decreases. D) when MC exceeds AC, AC increases.