One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends.
b. how markets overcome scarcity.
c. one goal and three tasks.
d. how to use limited means to meet unlimited wants.
e. wants versus needs.
d
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The Keynesian contention that the short-run aggregate supply curve is horizontal is based on the assumption that there are
A) flexible prices. B) real prices. C) upward sloping prices. D) sticky prices.
The consumer optimum is defined as
A) the set of goods and services that maximizes marginal utility for each good. B) the set of goods and services such that the marginal utility of each good equals zero. C) the set of goods and services that maximizes the marginal utility of each good consumed. D) the set of goods and services, subject to the limited income of the consumer, that maximizes the total utility of the consumer.