Author Question: Economics is the study of: a. the allocation of scarce resources and the ways in which human ... (Read 209 times)

CORALGRILL2014 · **on:** Jun 30, 2018

Economics is the study of:
a. the allocation of scarce resources and the ways in which human decision makers utilize those resources.
b. the methods that human decision makers use to transform a scarce good into a non-economic good.
c. how to operate a business successfully.
d. a utopian society.
e. how to make money in the stock market.

Question 2

Al B. Core works at a Fresh Fish Market. The market sells fresh fish from 9 a.m. until 7 p.m. every day. The store does not sell day-old fish, so all unsold fish are thrown away at 7 p.m. each day. If Al has lots of fresh fish left at the end of the day that cost him 300 to acquire, what should Al do?
a. Lower the price of the remaining fish, even if he can't recover his 300.
b. Lower the price of the remaining fish, but under no circumstances should the price fall below 300 for the remaining fish.
c. Throw the fish away even if he could sell some of them at a discounted price.
d. Starting tomorrow, lower the price on all fish so they will all be sold by mid-day.