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BMAL 590 WEEK 6 MICROECONOMICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ CA$14.60
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BMAL 590 WEEK 6 MICROECONOMICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++
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BMAL 590 WEEK 6 MICROECONOMICS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ People respond to incentives blank_______. by calculating their individual costs and benefits and determining which is greater After much consideration, you have chosen Cancun over Ft. Lauderdale as your...

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  • October 7, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bmal 590 week 6 microeconomics exam questions and

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  • BMAL 590
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BMAL 590 WEEK 6 MICROECONOMICS EXAM

QUESTIONS AND ANSWERS WITH COMPLETE

SOLUTIONS GRADED A++

People respond to incentives blank_______.


by calculating their individual costs and benefits and determining which is greater


After much consideration, you have chosen Cancun over Ft. Lauderdale as your Spring Break

destination this year. However, Spring Break is still months away, and you may reverse this decision.

Which of the following events would prompt you to reverse this decision?


The marginal cost of going to Ft. Lauderdale decreases.


A tradeoff exists between a clean environment and a higher level of income in that blank_______.


laws that reduce pollution raise costs of production and reduce incomes


An incentive ______.


could be either a reward or a penalty


Bill is restoring a car and has already spent $4000 on the restoration. He expects to be able to sell the

car for $5800. Bill discovers that he needs to do an additional $2400 of work to make the car worth

$5800 to potential buyers. He could also sell the car now, without completing the additional work, for

$3800. What should he do?

, He should sell the car now for $3800.


Economists assume that people are motivated by blank_______.


rational self-interest


The fundamental reason people must choose between goods to buy and consume is because of

blank______.


scarcity


A rational student will continue studying in a given study session until blank______.


the marginal value of the last unit studied equals the marginal cost of the last unit


In economics, the cost of doing something is blank_______.


the value of the next best opportunity not taken


The optimal amount of studying is determined by comparing the blank_______


marginal benefit and the marginal cost of studying


A shift in the demand curve denotes _______.


a change in demand


Consider inferior goods. As real incomes rise, consumers tend to buy inferior goods inblank________.


less quantity


The law of supply states that, holding other factors constant, as price increases blank_______.


quantity supplied increases

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