Which of the following is not an assumption usually made about markets and market participants?
A) Collective welfare maximization
B) Self-interested behavior
C) Scarce resources
D) Rational behavior
Correct Answer:
Verified
Q34: The _ is the absolute price of
Q35: Opportunity cost is the equivalent of:
A)explicit cost.
B)implicit
Q36: When analyzing events across time,economists measure consumer
Q37: Opportunity cost is calculated as:
A)sunk cost plus
Q38: "Goal-oriented behavior" can best be described as:
A)market
Q40: The explicit cost of production equals:
A)opportunity cost
Q41: The downward slope of the production possibility
Q42: After spending $5 million developing a new
Q43: If a production possibility frontier is drawn
Q44: Which of the following is true of
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