labor market participants:
7. Because scarcity forces people to make purposeful choices, labor market participants:
a. work as many hours as possible
b. respond to changes in perceived costs and benefits
c. make choices that cannot be predicted
d. must have perfect information
8. The three basic characteristics of the economic perspective are:
a. Relative scarcity, purposeful behavior, and adaptability
b. Supply, demand, and equilibrium
c. Description, institutions, and facts
d. Prices, quantities, and incomes
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