Author Question: Describe the choices that consumers make and explain why consumers are efficient on the market ... (Read 228 times)

panfilo

  • Hero Member
  • *****
  • Posts: 572
Describe the choices that consumers make and explain why consumers are efficient on the market demand curve.
 
  What will be an ideal response?

Question 2

Tastes for products such as beer differ. As a result
 
  A) consumers of beer have difficulty deciding what type of imported beer to buy.
  B) the quality of imported beer is less than it could be.
  C) we see countries specializing completely in the production of beer.
  D) different countries may each have a comparative advantage in producing different types of beer.


kkenney

  • Sr. Member
  • ****
  • Posts: 352
Answer to Question 1

Consumers allocate their budgets so they get the most value from their budgets. When consumers are on their demand curves, they are getting the most value out of their resources and are efficient.

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

For a complete list of videos, visit our video library