The Three Tools Used Repeatedly in Microeconomic Analysis Are

question 28

Multiple Choice

The three tools used repeatedly in microeconomic analysis are:

• A)unconstrained optimization, comparative equilibrium, equilibrium statics.
• B)opportunity cost, scarce resources, shifting equilibrium.
• C)restricted analysis, constrained equilibrium, optimization.
• D)constrained optimization, equilibrium analysis, comparative statics.

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Definitions:

Serfdom

A condition of bondage or modified slavery in which an individual is tied to owning land and owes service and labour to the landowner.

Unpopulated Parts

Areas or regions that are not inhabited by people.

Taxed

The imposition of financial charges or levies upon an individual or an entity by a governing body in order to fund public expenditures.

Canon Law

A set of ecclesiastical laws, regulations, and principles set by ecclesiastic authority (for example, the Church) for its government.