The theory of consumer choice illustrates the
a. importance of property rights in creating efficient markets.
b. ability of a single economic actor to have a substantial influence on market prices.
c. the trade-offs that people face in their role as purchasers.
d. All of the above are correct.
c
Economics
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Suppose a government have a stated policy that it will not negotiate with hostage takers. Now someone is taken hostage, what would be the best policy for the government? Explain
What will be an ideal response?
Economics
If a firm increases its output level by 50 percent and, as a result, long-run total cost rises by 40 percent, the firm is experiencing
a. diseconomies of scale b. constant returns to scale c. economies of scale d. increasing marginal returns e. diminishing marginal returns
Economics