What economic insight is demonstrated through changing fashions in hairstyles or clothing?
a. Production improvements lead to more goods.
b. New wants develop and replace the old ones.
c. Goods are desirable but limited in supply.
d. Intangible goods cost more than tangible ones.
b. New wants develop and replace the old ones.
Economics
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Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia gain compared to the "without trade" numbers?
A) 0 B) 10 C) 40 D) 50
Economics
At an output level of 100, a monopolist faces MC = 15 and MR = 17. At output level q = 101, the monopolist faces MC = 16 and MR = 15. To maximize profits, the firm
A) should produce 100 units. B) should produce 101 units. C) The firm cannot maximize profits. D) The firm is not a monopoly.
Economics