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hammer [34]
3 years ago
9

Write a three- to five-sentence paragraph that defines economics. Based on your definition, explain why it is difficult to consi

der economics an exact science. You may want to consider how economists approach economics to help you explain your answer.
Business
1 answer:
erastovalidia [21]3 years ago
8 0

Answer: See explanation

Explanation:

Economics is referred to as a social science that is concerned with how goods are produced, how they're distributed and how they're consumed. Economics is the social science that studies why human beings behave the way that they do.

It is difficult to consider Economics as a science because it lacks a hypotheses that's testable. Also, there is lack of consensus and the scientific method is not followed in Economics.

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kodGreya [7K]

Answer:

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3 years ago
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Answer:

TRUE

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3 0
3 years ago
1. For a firm in a perfectly competitive market, the price of the good is always
andreyandreev [35.5K]

Answer:

A). equal to marginal revenue.

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

Price = marginal revenue = average revenue

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