"30 people camp on the sidewalk in 10 degree weather for Phish reunion concert tickets, sold only at the door." In the economic way of thinking, the people camping out are
A) competing against other Phish fans for concert tickets.
B) taking what they believe is an efficient strategy for acquiring a scarce good.
C) planning to cooperate with the sellers of the concert tickets.
D) doing all the above.
D
Economics
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In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price
a. True b. False Indicate whether the statement is true or false
Economics
A wage earner making $10,000 pays
A. more in Social Security tax than in personal income tax. B. more personal income tax than in Social Security tax. C. about the same in Social Security tax as in personal income tax.
Economics