As a Scientist, an Economist's Main Professional Objective Is to

question 70

Multiple Choice

As a scientist, an economist's main professional objective is to

• A)become wealthy
• B)control the government's decision-making processes
• C)understand how the economy works
• D)discover which stock prices will decrease
• E)understand the psychology of participants in markets

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Definitions:

Pure Competition

An idealized market structure featuring numerous buyers and sellers, free entry and exit, and completely homogeneous products, resulting in the inability of any single firm to influence the market price.

Long-Run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, taking into account all possible changes in inputs and technology.

Horizontal Curve

A curve on a graph that shows an unchanged value over time or is parallel to the horizontal axis.

Product Demand

The desire and willingness of consumers to purchase a specific quantity of a good or service at a given price over a specific period.