Author Question: Economics is best defined as the social science that studies A) how a person can get everything ... (Read 102 times)

Shelles · **on:** Jun 30, 2018

Economics is best defined as the social science that studies

A) how a person can get everything he or she wants.
B) how choices made in the social interest must conflict with choices made in the self-interest.
C) the way to eliminate choices in our decisions.
D) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity.
E) the reason money exists.

Question 2

Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour.

Suppose that we observe Krystal staying open 5 hours and her marginal benefit of staying open per hour is 36. If she is following the marginal principle, Krystal should
A) stay open 1 more hour. B) stay open 2 more hours.
C) stay open 1 fewer hour. D) stay open 2 fewer hours.