Economics. Final Exam Review. Use of fewer resources than an economy is capable of using. Underutilization. Something essential for survival. Need. Effort people devote to tasks for which they are paid. Labor. The extra cost of adding one unit. Marginal Cost.
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Final Exam Review
You will still be able to get a public broadcasting channel even though you did not contribute to its fundraising campaign. This is an example of:
The price of cranberry juice suddenly increases. As a result, Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her. In this case, Glenda’s elastic demand is due to:
Due to an increase in her rent, Isa needs to cut back her spending on other items. Which of the following types of goods will Isa consume less of?
Ellen started a catering business, but soon decided that it was too stressful for her. She was able to close her business rather easily because it was a: