Quiz 2: Comparative Advantage
If Scout has an absolute advantage over Dill,
A. Scout has more money than Dill.
B. the problem of scarcity applies to Dill but not to Scout.
C. the problem of scarcity applies to Scout
only shows how we respond to changes
sum of all individual demands in the
2 causes in shifts
income and expectations
ex) normal gods and inferior
E Savin screenshot.
goods that people buy less of as income
2 factors influencing supply
incentive for greater prot and market
what is the largest factor influencing
in the longe run supp
a All 6| 12:07 AM
real income effect
as prices rise and your income stays the
same, quantity demanded for all goods
or services goes down.
diminishing marginal utility
assuming all things stay the same with
each additional unit consumed, we
El Saving screenshot.
parallel to the ground
any number of the form a + bi, where a
and be are real numbers, b is not equal
to zero, and I is the square root of i
the input values of a function