question
For economists, the word "utility" means
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pleasure or satisfaction
question
According to economists, economic self-interest:
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is a reality that underlies economic behavior
question
A person should consume more of something when its marginal:
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benefit exceeds its marginal cost
question
Economics may best be defined as the:
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Social science concerned with how individuals institutions, and society make optimal choices under conditions of scarcity
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Opportunity Costs exist because:
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the decision to engage in one activity means forgoing some other activity
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If someone produced too much of a good, this would suggest that:
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The good was produced past the point where its marginal cost exceeded its marginal benefit
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In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of:
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scarcity and opportunity costs
question
Which of the following most closely relates to the idea of opportunity costs?
answer
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