Tim shifted to a new house closer to his office with his family after receiving a favorable salary review from his employer. Here, the new house can be considered as a normal good

The operation of supply and demand should be thought of as a process

A) for establishing consumer sovereignty. B) for increasing individual liberty. C) for maximizing social welfare. D) for maximizing total output. E) of mutual accommodation.

A society's institutions

A. include the laws and customs that influence the allocation of resources. B. have no effect on people's abilities to make decisions. C. are irrelevant when studying an economy. D. are not related to the control of society's resources.