When the more recent observations are more relevant to the estimate of the next period than previous observations, the naïve forecasting method to employ is

When MFC < MRP, a firm in a competitive market will

A) stop hiring. B) hire more workers. C) earn fewer profits. D) layoff workers.

To an economist, the term "needs"

A) refers only to material desires but not nonmaterial desires. B) is objectively undefinable. C) identifies the purchases of basic goods and services. D) refers to the purchase of goods by the poor.