Microeconomics
Arizona Christian University
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WGU Microeconomics C718 Exam Questions & Answers Verified & Updated
- Exam (elaborations) • 21 pages • 2024
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Economics - Correct the study of how humans make decisions in the face of 
scarcity 
3 basic economic questions - Correct What to produce? How to produce? For 
whom to produce? 
opportunity cost - Correct measures cost by what is given up in exchange; 
opportunity cost measures the value of the forgone alternative 
How do economists assume individuals make choices? - Correct whatever will 
serve their own self-interest 
margin - Correct the current level of an activity 
choice at the margin - Co...
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