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Economists distinguish between price and cost in that price refers to the amount a buyer pays for a good or service, while cost refers to the expenses incurred by a producer to create that good or service. Price is determined by market dynamics, including supply and demand, whereas cost encompasses factors like production expenses, labor, and materials. Understanding this difference helps economists analyze market behavior, profitability, and the allocation of resources.
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How did the great depression affect economists beliefs about the macroeconomy?
Instead of assuming that the macroeconomy would automatically recover from a recession, economists began to consider the possibility that modern market economies could fall into prolonged contractions and that government assistance would be necessary to pull them out.
What does an imposition of a price ceiling lead to?
Economists would argue that a price ceiling will lead to demand outrunning supply, leading to a shortage of the product. Although a few "real world" examples back this up, there are no set in stone answers to such complex issues.
What would economists describe the US automobile industry as?
an oligopoly
Which of these would be considered by economists to be a good?
automobile, a clown at a party
Why would a person choose to become an economists?
like to know about economics
How did the great depression affect economists beliefs about the macroeconomy?
Instead of assuming that the macroeconomy would automatically recover from a recession, economists began to consider the possibility that modern market economies could fall into prolonged contractions and that government assistance would be necessary to pull them out.
What does an imposition of a price ceiling lead to?
Economists would argue that a price ceiling will lead to demand outrunning supply, leading to a shortage of the product. Although a few "real world" examples back this up, there are no set in stone answers to such complex issues.
What would economists describe the US automobile industry as?
an oligopoly
Which of these would be considered by economists to be a good?
automobile, a clown at a party
Which scientist would study financial systems?
Economists are scientist that study financial systems. They look at different monetary policies to determine the best course of action as well.
Why would a person choose to become an economists?
like to know about economics
How much is the ATX tax software and is it error free?
The price of the ATX tax software varies, but many consider the price to be reasonable for the service it provides. It can be considered to be error free and most would consider it to be reliable tax software.
Why would you consider using different fonts in an online document?
for fun
How much does a coke bottle cost from 1910?
Well...I would consider it as a collectors item.the price could be up there...
What is the average price range for a 80GB iPod?
There are many different prices for an 80GB iPod. The price would differ depending on where a person purchased it. The average price range would be around $250.
What is the average price for a Nintendo NES System?
The average price appears to be around 70 to 100 dollars. There are different condition ones that sell for different prices but if it were an average Nintendo NES System it would be about this price.
What is the highest price you would pay for noise cancelling headphones?
Noise canceling headphones are in themselves very expensive. The most I would consider paying for any of these headphones would be around $350. I would consider going above this limit if they came with a music player.
