1. Briefly discuss each of the following economic ideas: people are
rational, people respond to incentives and optimal decisions are made
at the margin. What is scarcity and why is scarcity central to the study
of economics?
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1. Briefly discuss each of the following economic ideas: people are
rational, people respond to incentives and optimal decisions are made
at the margin. What is scarcity and why is scarcity central to the study
of economics?