Study with Quizlet and memorize flashcards containing terms like Economic reasoning is based on the premise that: a. all decisions or actions are costless. b. only non-economic decisions or actions have a cost associated with them. c. only economic decisions or actions have a cost associated with them. d. all decisions and actions have a cost associated with them., If you are willing to sell ...
Study with Quizlet and memorize flashcards containing terms like A production possibilities frontier is bowed outward when, A production possibilities frontier is linear when, The most obvious benefit of specialization and trade is that they allow us to and more.
A business incurs the following costs per unit: Labor $125/unit; Materials $45/unit and rent $250,000/month. If the firm produces 1,000,000 units a month, the total costs equal_____.
the quantity demanded changes only slightly when the price of the good changes.
The demand for Wyoming elk hunting is price elastic.
marginal benefits and marginal costs are just equal.
the quantity demanded changes only slightly when the price of the good changes.
The demand for Wyoming elk hunting is price elastic.
marginal benefits and marginal costs are just equal.