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1. (02.01 LC) Revenue, profit, and utility represent ________ that play a significant role in determining people's choices. (2 points) factors of production inputs outputs
1.
(02.01 LC) Revenue, profit, and utility represent ________ that play a significant role in determining people's choices. (2 points)
factors of production | |
inputs | |
outputs | |
marginally increasing values | |
I think it is this one | incentives |
2.
(02.01 MC) Which of the following methods would produce an accurate market demand curve? (2 points)
Adding horizontally at each price all the individual marginal benefit curves in the market | |
I think it is this one. | Connecting the axes with a line that passes through the market price |
Drawing the marginal cost curve from its lowest point up | |
Taking the derivative of all the suppliers' total product curves | |
Multiplying the equilibrium price by all quantities supplied |
3.
(02.01 MC) (2 points)
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