Answer:
measuring production levels
Explanation:
Economic rational choices refers to a scientific frameworks that a person or a group can use in order to fulfill all of their interests and needs. The means are the things that we can use before we make those rational choices
To make a rational economic choices, there are several steps that generally need to be followed:
Understanding what want to be achieved - analyzing the resources that we possess to achieve it - formulating potential plans - assessing cost and benefit of our action - choosing the best plans.
Measuring production levels is an activity that we do after the plan is already executed. Is not something that we do before we make the choice.
Answer:
A binding price floor is set above the equilibrium price as a minimum price
A binding price ceiling is set below the equilibrium price as a maximum price
Equilibrium price is $1.50
a) The government prohibits donut shops from selling donuts for more than $1.10 each = Price ceiling and it is Binding
b) The government has instituted a legal minimum price of $1.80 each for donuts = Price Floor and it is Binding
c) Due to new regulations donut shops that would like to pay better wages in order to hire more workers are prohibited from doing so = Price ceiling and it is non-binding (as firms are wiling to offer higher wages than the minimum wage rate)
Explanation:
Their culture and what they celebrate
