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Author Question: Define the three key principles of economics. What will be an ideal ... (Read 72 times)

LCritchfi

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on: Jun 29, 2018
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


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JYan

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Reply #1 on: Jun 29, 2018
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

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

jamesnevil303

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Reply 3 on: Yesterday
Excellent

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