Microeconomics exams - Study guides, Class notes & Summaries

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TEST BANK FOR MICROECONOMICS 7TH EDITION By jeffrey M. Perloff - ComPlete All Chapters (VERIFIED) Microeconomics is often called A) price theory. B) decision science. C) scarcity. D) resource theory. Answer: A Section: The Allocation of Scarce Resources Question Status: Old AACSB: Analytic thinking 3) Most microeconomic models assume that decision makers wish to A) make themselves as well off as possible. B) act selfishly. C) make others as well off as possible. D) None of the abo...

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the statement "there's no such thing as a free lunch" arises from the economic concept of: - opportunity cost economics deals with the ideas of NOT: - buying and selling True or False. Choosing to spend resources on one item rather than on the next-best option is an example of the concept of the invisible hand. - False