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Econ 104 exam 1 questions and answers Graded A+
Preview 2 out of 11 pages
Econ 104 exam 1 questions and answers Graded A+ Economics - - the study of scarcity Three basic assumptions that economists hold true for all consumers - 1. people are rational 2. people respond to economic incentives al decisions are made at the margin people are rational - never leaving themselves worse off on purpose. people gather information about their decisions, and never intentionally do an action that will leave themselves worse off. people respond to incentives - Example of encouraging activity: Gov providing stickers of "I voted" after you vot
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Econ 104 - Exam 1 Review questions and answers Graded A+
