Which of the Following Is Correct

question 11

Multiple Choice

Which of the following is correct?

• A)The word economy comes from the Greek word for "rational thinker."
• B)Economists study the management of scarce resources.
• C)Because economists believe that people pursue their best interests,they are not interested in how people interact.
• D)All of the above are correct.

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Definitions:

Equilibrium

In economics, a state where market supply and demand balance each other, and as a result, prices become stable.

Coconuts

Tropical fruits or the hard-shelled seeds of the coconut palm, often used metaphorically in economics and game theory to represent tradable resources.

Civic Authorities

Government officials or bodies responsible for governing a city or town, and managing local services and regulations.

Long-run Supply Function

An economic concept that describes the total quantity of products that firms are willing to supply over a long period, taking into account the adjustments in production factors and technology.