What are substitutes in production?
What will be an ideal response?
Goods are substitutes in production when one good can be produced in place of the other, that is, when the goods are produced using the same resources.
Economics
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"Diminishing marginal utility means a downward sloping total utility curve." True or false? Explain
Indicate whether the statement is true or false
Economics
The wealth of most people declined as a result of the financial crisis of 2007-2009. As a result, which asset was most likely became a larger portion of their portfolio?
A) bonds B) stocks C) house D) checking account
Economics