Which of the following most likely describes economics?
a. Economics is not a form of moral instruction.
b. Economics is a form of moral instruction.
c. Economics seeks to describe economic behavior as it should exist.
d. Economics does not seek to describe behavior.
a. Economics is not a form of moral instruction.
Economics
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A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season
a. True b. False Indicate whether the statement is true or false
Economics
A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is (use the midpoint formula)
A. 1.50. B. 3.33. C. 0.67. D. 0.3.
Economics