The economizing problem for individuals is a consequence of the fact that:
A. Economic means or incomes are greater than economic wants
B. Economic wants are greater than economic means or incomes
C. Positive economics is more important than normative economics
D. Normative economics is more important than positive economics
Answer: B
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Which type of money has the lowest opportunity cost?
a. Silver coins b. Gold coins c. Commodity money d. Diamonds e. Fiat money
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.50, which of the following statements is true?
A) The firm should expect the market price of its product to fall. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to increase. D) The firm is earning zero economic profit.