Test Bank for Microeconomics 21st Edition By Campbell McConnell A+
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What is a brief definition of economics? What are the conditions that give rise to this definition?
2. What are the three interrelated features of the economic perspective?
3. What do economists mean when they say that “there is no free lunch”? Give another example to which this statement applies.
4. Discuss a time when you experienced a business giving something away for “free.” Was this item really free?
5. (Consider This) Some stores give “free” products to consumer. An economist would say the products are not free. Why the difference?
6. Is rational self-interest the same thing as selfishness? Explain.
7. Use marginal analysis to explain why it is possible to “have too much of a good thing.” Use education as an example.
8. (Consider This) How can the economic perspective help us understand the behavior of fast-food consumers? Explain several insights it provides about customer behavior.
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