Underlying economic theory is the idea that
A) people respond only to negative incentives, not to positive ones.
B) choices are affected by both positive and negative incentives.
C) value judgments do not play a role in the economic decisions people make.
D) money is the only incentive that matters.
B
Economics
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If real GDP grows at 3% and population grows at 1.2%, then real GDP per capita grows by 4.2%.
a. true b. false
Economics
Average-cost pricing for a natural monopoly will: a. result in the socially efficient level of output
b. result in a less than socially efficient level of output. c. result in a greater than socially efficient level of output. d. result in the firm suffering economic losses.
Economics