According to economists, people will do a particular activity only if the benefits are greater than the costs

Q: Scarcity limits the volume of goods that an economic system can produce but does not limit the…

A: One of the defining features of economics is scarcity, which deals with how people satisfy unlimited…

Q: You go to the movieplex where movies ordinarily cost $9. You are intending to see a movie for which…

A: The objective of this question is to determine the opportunity cost of choosing to see the new…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: Coke or Pepsi, in terms ofeconomics are

A: Coke and pepsi are the important players in beverage industry.

Q: How does microeconomics relate to macroeconomics?

A: Economics is the study of allocation  of limited resources. It has two…

Q: what is the difference between a positive statement and a normative statement?

A: According to economists, there are two types of activities within an economy. On the one side, there…

Q: According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the…

A: Richard Thaler was an American economist who won the Nobel Prize in Economics in 2017 for his…

Q: If an outcome is economically efficient, does this mean that everybody involved benefits? Why?

A: Economic efficiency refers to the optimal production and consumption of goods and services. This…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: According to Forbes Magazine, there are close to 2700 billionaries in the world. It is likely fair…

A: Scarcity refers to the economic phenomenon where the resources are not sufficient to meet all demand…

Q: Describe the Rational Decision making Process?

A: Rational decision-making is a multi-stage process in which alternatives are selected. The objective…

Q: The illusion of pattern shapes our everyday lives. How does this illusion emerge (refer to law of…

A: The purpose of experimental scientific research is to thoroughly understand a causal mediating…