This topic contains a solution. Click here to go to the answer

Author Question: Define the three key principles of economics. What will be an ideal ... (Read 73 times)

LCritchfi

  • Hero Member
  • *****
  • Posts: 519
Define the three key principles of economics.
 
  What will be an ideal response?

Question 2

A fall in the price of wheat fertilizer ________ the equilibrium price of wheat and ________ the equilibrium quantity of wheat.
 
  A) raise; increase
  B) raise; decrease
  C) lower; increase
  D) lower; decrease



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

JYan

  • Sr. Member
  • ****
  • Posts: 331
Answer to Question 1

a) Optimization: Optimization refers to the process of choosing the best option from a set of alternatives, given the available information.
b) Equilibrium: Equilibrium is a special situation where everyone is simultaneously optimizing, so that nobody would benefit personally by changing his or her behavior.
c) Empiricism: Empiricism is analysis that is evidence-based as it uses data to test theories and to determine what is causing things to happen in the world.

Answer to Question 2

C




LCritchfi

  • Member
  • Posts: 519
Reply 2 on: Jun 29, 2018
:D TYSM


nathang24

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

For a complete list of videos, visit our video library