As the price of washing machines fell, tens of millions of housewives substituted _______ for _______.
Fill in the blank(s) with the appropriate word(s).
capital; labor
Economics
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How does double taxation affect consumption, saving and economic growth?
What will be an ideal response?
Economics
The optimal level of output may be defined as that level of output where
a. average benefit exceeds average cost by the greatest amount. b. total benefit equals total cost. c. marginal benefit exceeds marginal cost by the greatest amount. d. the marginal benefit of the last unit purchased equals its marginal cost. e. it is impossible to define optimal in any meaningful way.
Economics