A rational decision maker takes an action only if the

People make decisions at the margin by

An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services are/is called a/an [BLANK-1]

Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and Y are

Price Aaron Angela Austin Alyssa $0.00 20 16 10 8 .50 18 12 6 6 1.00 14 10 2 5 1.50 12 8 0 4 2.00 6 6 0 2 2.50 0 4 0 0 According to the table shown, if the price increases from $1.00 to $1.50,

The limited nature of society’s resources is called: [BLANK-1]

The study of how society manages its scarce resources is called: [BLANK-1]

Economics deals primarily with the concept of

Whatever must be given up to obtain some item is called: [BLANK-1]

In the figure shown, a binding price ceiling is shown in