Which of the following is the first step when economists analyze how individuals make choices?
a. Considering what choices are possible for individuals
b. Thinking about which choices individuals actually make
c. Considering what choices individuals might prefer
d. Considering which choices might provide maximum utility
a
Economics
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In the long-run, if firms in a perfectly competitive market are incurring persistent economic losses, some firms will
A) exit and the price will fall. B) exit and the price will rise. C) enter and the price might either rise or fall. D) exit and the price might either rise or fall.
Economics
Paul Romer argues that a key feature of knowledge is
A) divisibility. B) private ownership. C) nonrivalry. D) durability.
Economics