Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 1, Problem 3CQ
(a):
To determine
Rationing method.
(b):
To determine
Grade rationing and students behavior.
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What type of economists believe that markets naturally self-correct, and will reward good strategies and punish bad ones?
Economics is the study of all of the following except:a. how the prices of goods and services are determinedb. how people make decisions, given scarce resourcesc. how to eliminate scarcity with new ideas and inventionsd. how buyers and sellers interact in a marketPlease don't use any ai tool.
Answer the given question with a proper explanation and step-by-step solution.
Which of the following choices correctly illustrates how changes in opportunity costs affect supply?
A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises.
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C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook.
D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.
Chapter 1 Solutions
Economics: Private and Public Choice (MindTap Course List)
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Similar questions
- Which statement best describes the role of consumers in economics? They provide wide range of services. They decide where to sell goods They determine how to use resources. They control production costs.arrow_forwardeconomics explains economic phenomena according to their cause and effects Which economics explains this? Give correct answerarrow_forwardExplain in pictures only, without words on the principles of economics (Theory of demand and supply)arrow_forward
- Should grades in an economics class be 'rationed' according to dollar price instead of how well a student does on exams? If they were and prospective employers learned of it, what effect might this have on the value of your college degree?arrow_forwardWhat is the problem that economists see with our resources and our wants? Please just answer with one or two sentences.arrow_forward
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