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Economics Questions and Answers (Q&A)

Where does MR = MC rule apply?
Anika Nicole, Wordsmith
Answered: Jun 27, 2018
MR = MC rule applies both to pure monopoly and pure competition. Hence, the correct option is D. Basically, MC=MR is a profit maximization formula where MC stands for Marginal Cost and MR s...Read More

3 Answers

1454 views
What observations were made famous by Adam Smith in his book "The Wealth of Nations"?
Ken Wilson, Marketing Analyst
Answered: Jan 17, 2019
Letter D is the correct answer to this number. Adam Smith, a famous economist, quoted in his book that firms and households are guided by some invisible hand that leads them to market outcomes...Read More

2 Answers

1024 views
What guides economic activity in a market economy?
L.Steven
Answered: Jan 07, 2018
The market economy is a special kind of economy in which the economic decisions and ultimately the market is guided by self-interests and the prices. There is little, if any government...Read More

3 Answers

971 views
What is the opportunity cost of going to college?
C. Lopez, Chauffer
Answered: Mar 07, 2019
The correct answer is option B.
The value of the best opportunity a student gives up to attend college. Opportunity cost is also referred to as alternative cost. It is the cost of given up...Read More

2 Answers

636 views
Which of the following statements about positive economic analysis is false?
Tclea
Answered: Sep 28, 2020
There is much more disagreement among economists over positive economic analysis than over normative economic analysis

1 Answer

551 views
What is a primary reason why nations conduct international trade?
C.Dorothy
Answered: Feb 28, 2018
International trade has been a thing as long as there have been multiple nations aware of one another. International trade occurs because resources are not evenly distributed amongst nations....Read More

2 Answers

539 views
What is the classic example of paradox of value?
J. Harty, Writer
Answered: Feb 28, 2019
It is a known fact that the water that people can drink and use has considerably lessened over the past years. There was a time when clean water was abundant and it will be easy for people to get...Read More

2 Answers

493 views
Where does the phenomenon of scarcity stem?
John Smith
Answered: Sep 28, 2020
Resources are limited.

3 Answers

492 views
Which of the following statements is true about scarcity?
Tclea
Answered: Sep 28, 2020
Scarcity refers to the situation in which unlimited wants exceed limited resources

1 Answer

470 views
What is the concept of opportunity cost?
H.Jennifer
Answered: Apr 23, 2018
In micro-economic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice of a best alternative cost while making a decision. Opportunity cost is...Read More

3 Answers

469 views
Which of the above statements demonstrate that economic agents respond to incentives? A. Car owners purchase more gasoline from a gas station that sells gasoline at a lower price than other...
E. Austin
Answered: Mar 27, 2019
The correct answer to this question is E: A, B, and C are all correct. Because economic agents respond to incentives, car owners purchase more gasoline from a gas station that sells gasoline at a...Read More

2 Answers

447 views
What is the opportunity cost of an item?
Cypriot
Answered: Sep 28, 2020
What you give up to get that item.

1 Answer

443 views
What is her average total cost, if Pat purchases two mixers and bakes 200 cakes per day? (Table: Cakes) Examine the table Cakes. Pat is opening a small bakery to make and sell special birthday...
D. Ronald, Writer
Answered: Jan 09, 2019
In mathematics word problems, there are certain times when you need to determine which deal is best. This means that is it best to have two, three or four items based on the amount of money you...Read More

2 Answers

440 views
Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?
Robert Hazlewood, Senior Executive
Answered: Feb 26, 2019
The correct answer to this question is C. Because white bread uses flour as one of its primary ingredients, the price of this commodity will affect the cost to produce white bread. If the raw...Read More

2 Answers

431 views
What is one difference between a public good and a toll good?
John Smith
Answered: Sep 28, 2020
Part of the cost of a toll good may be covered by the private sector.

1 Answer

416 views

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