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HCA255 week 1 quiz 2018 Last document update:   ago

1. What forces resource owners to use their resources to promote the highest possible satisfaction of society? Market failure Competition Self Interest Marginal analysis 2. Prices increase when more is desired, as well as when less is desired? True False 3. Economic models start by assuming that decisions are made rationally under conditions of scarcity True False 4. The third step in the scientific model is? Rethinking the model Observations are recorded The tests of hypotheses are then perfo...