Which of the four categories of resources used in production refers to the physical and mental effort expended by people?
a. labor
b. land
c. capital
d. entrepreneurial ability
a. labor
Economics
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If a rise in the price of good B increases the quantity demanded of good A
A) A and B are substitutes. B) A and B are complements. C) A is a substitute for B, but B is a complement to A. D) B is a substitute for A, but A is a complement to B.
Economics
Soran is risk averse. If her wealth rises by $100, her total utility increases by 300. If her wealth increases, her total utility will decrease
A) by more than 300. B) by less than 300. C) by 300. D) by some amount that cannot be determined without more information.
Economics