Answer:
Since there are only a limited number of apartments near the city center, these apartments will be allocated based on <u>BOTH THE COSTS AND BENEFITS</u>. This process is known as <u>OPTIMIZATION.</u>
Explanation:
Optimization refers to calculating the change in net benefits between alternative choices, and choosing the alternative that provides the most benefits at the lowest costs.
For example, the cost of an apartment downtown will be much higher if measured as $ per square foot, but the advantage of saving 90 minutes of travel time a day might justify the extra cost.
If you are married and have children, then the extra cost of living downtown might be too high due to the amount of space needed for the whole family, therefore, it might be cheaper to spend 90 minutes a day travelling than paying an extremely high rent.
The personality that would be the inspiration for the economic theory dominating in the 1920's would be Adam Smith. It would be a century after his death that his renowned economic principle would then be used by the people as the economic state of the United States continues to progress.
Answer:
For the competitive firm marginal cost is $5. For the monopolist marginal cost is less than $5.
Explanation:
The price of the product of the competitive firm is $5. We know that a competitive firm is a price taker and produces at the point where the price is equal to the marginal cost of producing the last unit.
A monopolist, on the other hand, is a price maker. It produces at the level of output where the price is greater than the marginal cost of producing the last unit.
Answer:
selling gold for use as an alternate currency
restricting the money supply by adjusting interest rates
He refused to help enslaved people escape
