Questions on Chapter 1:
1. The scarcity principle indicates that
A. no matter how much one has, it is never enough.
B. compared to 100 years ago, individuals have less time today.
C. with limited resources, having
Assuming that firms aim at maximizing their profits, they will be in equilibrium when they earn
Demand is a multivariate relationship. Some of the most important determinants of the marke
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