Economists believe the Cost-Benefit Principle is:
A. a comprehensive description of all the factors that influence people's choices.
B. an interesting intellectual exercise with little applicability to the real world.
C. a simple but useful model of how people should make choices.
D. of little use to those who wish to learn how to make better decisions.
Answer: C
Economics
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Indicate whether the statement is true or false
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The price setting equation is represented by the following: P = (1 + m)W. When there is perfect competition, we know that m will equal
A) W. B) P. C) 1. D) W/P. E) none of the above
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