Answered: What assumption BEST explains people's…

What assumption BEST explains people's decisions to buy dollar-store goods? a. gains from trade b. unlimited desires c. poverty d. rationality e. scarcity

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 12AA

See similar textbooks

Related questions

Q: Suppose that a firm produces polo shirts in a monopolistically competitive market. The following…

A: Monopolistic competition is a market structure characterized by a large number of firms competing…

Q: Holding everything else constant, there is a (i) (denoted with Y). A country's total human capital…

A: There is a positive relationship between the total human capital stock (H) and real GDP (Y). This…

Q: Questions 13-15: In the upcoming year, the income from your current job will be $90,000. There is a…

A: Expected utility : Suppose there are 2 possible alternatives A & B. A will occur with…

Q: Refer to Figure 11-2. When unions successfully increase the wages of their members, what happens to…

A: The labor demand curve depicts the inverse relationship between wage rate and quantity of labor…

Q: What are the four attributes that are discussed in Porter's diamond? Briefly explain each attribute.

A: The Porter's Diamond model is commonly known as the Porter Diamond Theory of National Advantage…

Q: What is the economic values?

A: (Q) What is the economic values?

Q: Using the data in the table below, estimate the demand function for cod. Price, dollars per pound…

A: The law of demand refers to the inverse or negative relationship between the quantity demanded of a…

Q: A country is in the midst of a recession with real GDP estimated to be $2.7 billion below potential…

A: The question presents a scenario where a country is experiencing a recession, with real GDP…

Q: Which is included in indirect tax? Ca) Excise duty c) Both (a) and (b) (b) Sales tax (d) Wealth tax

A: According to the given question the one which is included in the indirect tax is Option(C) is…

Q: An appliance manufacturing business requires both machines and labor to produce finished products.…

A: An isoquant curve depicts the combination of capital and labor results in the same level of output.…

Q: What does the Third World country mean to the subjects of Economics?

A: In economics developing countries are known as third world country.

Q: An economy's production possibilities frontier is also its consumption possibilities frontier Select…

A: Production Possibility Frontier It shows different of two goods or services that an economy can…

Q: Suppose that a company operates in the monopolistically competitive market for denim jackets. The…

A: When there are numerous companies selling similar but distinct products in a given market,…

Q: Many professional sports teams operate under a salary cap. This means that teams typically have a…

A: Opportunity Cost is the value of next best alternative foregone. In other words it is the potential…

Q: 7. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a…

A: A market that operates under perfect competition is an idealized market arrangement where numerous…

Q: Before Covid 19 hit, assume the United State economy was at full employment and producing at maximum…

A: The production possibility frontier shows the different combinations of two good that can be…

Q: 2. Consider the model of labor pooling, with each firm locating either in an isolated site or in a…

A: Labor market equilibrium refers to the point at which the demand for labor equals the supply of…

Q: The Core Principles of Economics-End of Chapter Problem Jade has midterms in economics and astronomy…

A: The production possibilities frontier (PPF), also known as the production possibilities curve, is a…

Q: Zoe's utility function for brownies (X) and pizza (Y) is given by U(X,Y)= 8XY. Her monthly income is…

A: The utility function is the mathematical relationship between utility and bundles of commodities. It…

Q: Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market. The…

A: Monopolistic competition is one type of market condition where many sellers face the market demand…

Q: The makers of Jazzy Cola have come to you for advice. Two of the inputs to their production process,…

A: Substitutes, in the context of economics and consumer behavior, are goods or services that can be…

Q: 2. Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP)…

A: Gross Domestic Product (GDP) is a measure of the total value of goods and services produced within a…

Q: This graph represents the tobacco industry. The socially optimal price and quantity are PRICE…

A: Social efficiency will be attained at an output where Marginal Social Cost (MSC) and Marginal Social…

Q: SHOW ALL SOLUTIONS. 1. An investment of P60,000.00 can be made in depreciable assets that will…

Q: 10. If the depreciable cost of an asset is 16,000 and it has a useful life of 8 years, what is the…

A: Given data: Depreciation cost of asset is 16000. Useful life is 8 years.

Q: A company produces two products. The amount produced of product 1 and product 2 is given by 91 and…

Q: Given the uncertainity about the value of the bank's assets, the value of the bank's capital will be…

A: Securitized assets broadly refer to pools of financial assets that are brought together to create a…

Q: The Lesseig Company has an opportunity to invest in one of two mutually exclusive machines that will…

A: Machine AInitial cost=$9.4 millionAfter tax inflow=$4.4 million for 4 yearsAt end of the 4th year it…

Q: Which of the following is a short-term goal of RGGI?

A: Through a market-based cap-and-trade program, the participating states in the Regional Greenhouse…

Q: Economics

A: The structure of a market where there are many buyers and sellers selling homogenous products in the…

Q: 8. Short-run and long-run effects of a shift in demand Suppose that the tofu industry is initially…

A: Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5…

Q: price D' The movement from D to D' could be caused by O a decrease in price of a complement O an…

A: Demand curve shows how much quantity is demanded at a given price.

Q: Consider a profit-maximizing firm which is the only seller in a particular market. The firm's…

A: The profit-maximizing quantity represents the level of output a firm produces to optimize its…

Q: Now consider the long run, in which bike manufacturers are free to enter and exit the market. Show…

A: A monopolistically competitive firm is a type of market structure where there are many firms…

Q: The Utility fct is U = W2/3 + 1000 Flood occurs with Probabilities=1/20. The Value of house $540,000…

A: Given U = W2/3 + 1000 if flood , P(flood) = 1/20 , value of house = $40,000 if no flood , P(no…

Q: Capital investment Uniform annual savings Useful life Click the icon to view the interest and…

A: Annual worth is used to evaluate the economic worth or value of an investment or project over its…

Q: MC ATC AVC Output (y) . Find and label the supply curve in top Figure. Find and Label the Shut-down…

A: Since you have posted multiple questions, we will be solving the first one only. If you want it…

Q: 2. An upcoming construction company wants to buy a lot for its new factory for P5,500,000.00. The…

A: We are going to solve this question using theory of present value of future cashflows. If we are…

Question

Please help with economics!

What assumption BEST explains people's
decisions to buy dollar-store goods?
a. gains from trade
b. unlimited desires
c. poverty
d. rationality
e. scarcity

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

I need the answer as soon as possible
Select the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…
. What is the benefit of something measured by what you are willing to give up?
‏In the theory of choice, the word constraint: a. Includes social customs, laws and threats of violence. b. Is basic to all choices. c. Include limits on time, income and human resources. d. All of the above.
A budget line is a graph that shows the various combinations of two products that a Multiple Choice O consumer can buy with a given amount of money income. O business firm can produce with a given budget. O household can produce with a given amount of resources. nation can trade with another nation.
uestion 1 When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing O scarcity O surpluses O inefficiencins O inequalities Question 2 Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"? O Megan U. must decide between going to a track event or doing her nails. O Sarah B. can attend the concert only if she takes her sister with her. O Charlie H. is hungry and homeless. O Cullen J. must repair the tire on his bike before he can ride it to class.
lys After the release of a new video game, Target stores temporarily sold out. Which economic concept best describes this event? O Cost-Benefit Analysis O Tradeoffs Scarcity are wants. Shortage The resources used to make all goods and services are the *
are examples of goods and are examples of services. O A. Haircuts; shoes O B. Shoes; haircuts OC. Weather forecasts; interest rates O D. Donations to flood victims; football games
How are the following prices determined and what do theyhave in common?a. admission to a local sporting eventb. tuition at a community collegec. local sales tax rated. printing of programs for a baseball stadiume. lawn mowers
The statements given reflect either Micro or Macroeconomic issue. indicate in each case which you think is applicable. 1 A study of how south african farmers determine the price of their wool. 2. Bmw south africa exports many of its cars to europe. 3. it is exoected that the price of petrol will increase next month
1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gas
ne's e. An decision to build additiona ctory 2. "The government should provide such goods as health ca education, and highways because it can provide them for free." Is this statement true or false? Explain your answer. one's