6. What is the 'fundamental promise of Economics',
Individuals are capable of establishing goals and acting in a manner consistent and achievement of those goals.
Natural resources will always be scarce
Individuals choose the alternative for which they believed the net gains to be the greatest
No matter what the circumstance individual choice always involves a trade of.
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7. When goods in the domestic market are sold at a high price in the foreign market at a low price, it is a situation of
8. A perfectly competitive firm attains equilibrium when
AC = AR
MR = MC
MC = AC
TC = TR
9. Laws of increasing and constant returns are a temporary phases of
Law of variable proportion
Law of Diminishing Return
Law of proportionality
Law of Diminishing Utility
10. An indifference curve slopes down towards right since more of one commodity and less of another result in
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