QUESTION 32 Positive economic analysis a. involves judgments on how resources should be used in an economy. b. involves the study of firms with positive profits. C. involves how resources are actually used in an economy. d.is usually thought to be a waste of time.

QUESTION 32 Positive economic analysis a. involves judgments on how resources should be used in an economy. b. involves the study of firms with positive profits. C. involves how resources are actually used in an economy. d.is usually thought to be a waste of time.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter14: Transaction Costs, Asymmetric Information, And Behavioral Economics

Section: Chapter Questions

Problem 5.11P

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Concept explainers

Demand and Supply

The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a certain period. The analysis or evaluation of the demand-side factors is important for the suppliers to understand the consumer or individual behaviour. The evaluation of supply-side factors is important for the consumer or individuals to understand that what kind of combination of an economic good or what kind of economic good and services he or she should consume to maximise his utility and minimise the cost. Therefore, in microeconomics, both of these concepts are extremely important to have an idea that what exactly is going on in the economy.

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