All of the following are fundamental concepts of economics EXCEPT O marginalism. O profit maximization. O the working of efficient markets. O opportunity cost.

Q: Maureen's college raises the cost of room and board per semester. This increase raises Maureen's…

A: Opportunity Cost is the cost that arises when in making a decision the value of the best alternative…

Q: 2. Explain how do economists make rationale choices to allocate the scarce resources?

A: Scarcity refers to the situation where the unavailability of resource to meet the unlimited human…

Q: Que All of the following are fundamental concepts of economics EXCEPT O marginalism. O profit…

A: When talking about fundamental concepts of economics, it can be said that these concepts explains…

Q: An economy is productively efficient whenever it is producing the maximum output with given…

A: According to microeconomics theory, the production possibility frontier is the curve that shows the…

Q: The statement "U.S. Government should raise minimum wage to $15 an hour" is Select one: O a. a…

A: The terms 'positive' and 'normative' economics are frequently used by economists. Positive economics…

Q: Using marginal thinking, if you were deciding whether to purchase a second television set, you would…

A: In case of Marginal Analysis, we compare the additional benefits that will be received from an…

Q: You were recently hired at a new job. You start next week. This is an example of a Choose one: O A.…

A: Economics has different aspects:- industrial economics, health economics, environmental economics…

Q: O A. Everyone has unsatisfied wants.

A: There are various definitions of economics. The early economists called economics 'the science of…

Q: Goods and services are scarce because resources are scarce. Select one: O a. True O b. False

A: Scarcity is the primary concept or reason to study economics as it is the cause of making trade-off…

Q: ich of the following is related to the use of economics? a. how people use unlimited resources to…

A: The answer is - c. How people use scarce resources to satisfy unlimited wants.

Q: Which of the following best describes the opportunity cost of attending a free concert at the local…

A: Opportunity cost is a concept in economics that refers to the next best alternative forgone when a…

Q: Question 18 Which of the following takes a holistic perspective of the economy? O General…

A: A holistic perspective of the economy believes in the overall well-being of the society, including…

Q: Choose the statement that does not describe Microeconomics. O a. All of these O b. The purchasing…

A: Economics is the study of production, distribution, and consumption when the resources are scarce in…

Q: The three central questions in economics are... O A. What? How? When? O B. What? How? For Whom? O C.…

A: Correct: B. What? How? For Whom?

Q: Statements about "what is" are called Select one: O A. positive statements. OB. hypotheses. OC.…

A: Hypotheses are sets of assumptions or predictions that is made based on some evidence. They are the…

Q: Which of the following questions does an economic system answer? Choose one or more: O A. Why should…

A: An economic system refers to the organized set of institutional arrangements and mechanisms through…

Q: a. What method is used to ration goods in a market economy?How does this rationing method influence…

A: The forces of supply and demand are used in market economies to set acceptable prices and quantities…

Q: In economics, positive statements are about OA the way things ought to be OB the way things are. OC…

A: Positive economics is a branch of economics concerned with describing, quantifying, and explaining…

Q: The Invisible Hand' alludes to

A: Invisible hand refers to the market's mechanism of consumers and sellers self adjusting to market…

Q: Derive and extensively discuss the equi-marginal principle. a. Two commodity case b. Three commodity…

A: Now suppose that there are two commodities that are x and y, the price of x is Px, and the price of…

Q: The problem of scarcity O A. exists because the unlimited human wants cannot be satisfied with…

A: The inputs or assets used in the production of goods and services to satisfy human wants and needs…

Q: The production possibilities frontier bows outward because OA. resources are of uniform quality. OB.…

A: The Production Possibilities Frontier (PPF) is a graphical representation that illustrates the…

Q: The term that refers to the situation where we dont have all of our needs and wants because…

A: Economy is an area where the people work to earn livelihood.

Q: In the aftermath of a hurricane bringing widespread damage to an area, home improvement stores were…

A: Market refers to the place or platform where sellers and buyers of different goods throng to carry…

Q: To see the Blue Jays game Leslie missed a day at work, which cost her $250, drove her car downtown…

A: Given: The wage for 1 day=$250 Parking cost=$20 Ticket cost=$130 To find: Expected benefits

Q: Suppose that Christina has one sandwich and 16 salads. Her friend Latoya offers to trade her two…

A:

Q: Which of the following cannot be determined by using a production possibilities curve? Select the…

A: The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…

Q: Consider the following Production Possibilities Frontier. Which of the following statement is…

A: A graph known as a Production Possibilities Frontier (PPF) illustrates the various pairings of two…

Q: When shopping for your interview clothes, some trade-offs you face include: O choosing one brand of…

A: Opportunity cost refers to the cost of a foregone opportunity. The cost involved when an opportunity…

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

A: Here, all the given statements talk about the nature of economics and its use in the society.

Q: economy is producing point production possib that they are producing efficiently, but we do not know…

A: The question is asking whether an economy producing at a point on its production possibilities…

Q: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there…

A: We are authorized to answer one question at a time, since you have not mentioned which question you…

Q: QUESTION 7 Should ripped jeans be made? O A. how OB. what C. for whom QUESTION 8 Should power plants…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: When a command economy is utilized to resolve economic questions regarding the allocation of…

A: Economics is the study of how the scarce resources of society are exploited into useful things.  It…

Q: Refer to Table 1, at which of the following prices would both Daniel and Katie gain from trade with…

A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Q: Which of the following is one of the four economic principles of individual decision making? O…

A: Economic principles are basic bits of insight or regulations that give a system to grasp how people,…

Q: A productive-efficient society O a. can produce more of one good only by producing less of another…

A: A productive efficient society is the society which is utilizing its resources efficiently. Which…

Q: What are economics' two main branches of study? O a. fiscal and monetary policies Ob. normative and…

A: Economics is the social science that studies how societies allocate scarce resources to fulfill…

Q: 6. The interaction of individual choices Immediately after an ice storm brought down power lines…

A: The potential benefits that an individual, investment, or organization misses out on when choosing…

Q: The Rational Rule for Sellers involves applying only the marginal principle. O only the opportunity…

A: Marginal Principle states that in micro economics, the rational consumers think at the margin, be it…

Q: Consider the production possibilities frontier displayed in the figure shown. If society is…

A: The Production Possibilities Frontier (PPF) shows the maximum attainable combinations of two goods…

Q: Which of the following describes the difference between "scarcity" and "shortage"? O There is no…

A: Scarcity refers to the finiteness of goods and services. Shortage refers to when the quantity…

Q: Which of the following is true of Figure 2-4? 2-4.png If the economy operates at point B, resources…

A: A production possibility curve (PPF) shows the maximum possible output combinations of two goods or…