The Basic Ingredients in Any Economic Decision Are

question 180

Multiple Choice

The basic ingredients in any economic decision are

• A) scarcity and choice.
• B) surpluses and shortages.
• C) market prices and the use of efficient production methods.
• D) needs and wants.

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Definitions:

Constant Marginal Cost

A situation where the cost of producing one additional unit is the same regardless of the volume produced.

Separate Markets

Distinct market segments or spaces where different goods or services are traded, often separated by geographical, cultural, or regulatory barriers.

Monopolist

A single seller in a market who controls all the sales of a particular product or service, with no close substitutes.

United States

A country located in North America, consisting of 50 states and a federal district, known for its significant influence on global economics, politics, and culture.