According to opportunity-cost theory, people will find themselves increasingly "short of time" when
A) their demand curves become less elastic.
B) their demand curves become more elastic.
C) their income declines.
D) they become wealthier.
E) they lose valuable opportunities.
D
You might also like to view...
Displayed below is the payoff matrix of firm A for four different strategies, A1, A2, A3, and A4, and the potential retaliatory responses of firm B (B1, B2, B3, B4).Table 12-1 ? B1 B2 B3 B4 A1 100 50 25 10 A2 10 60 150 200 A3 50 75 200 250 A4 30 50 100 150 If firm A uses the maximin criterion, which strategy will it choose? ?
A. A1 B. A2 C. A3 D. A4
According to the special interest theory, the licensing of beauticians would be
a. desired by consumers in order to promote the public interest b. desired by beauticians in order to promote the public interest c. discouraged by all beauty salons, large or small d. desired by some beauticians in order to restrict entry into their profession e. done strictly at the initiative of the government
If a firm refuses to hire any minorities due to a personal prejudice, its profits will
a. not be affected. b. increase slightly. c. increase markedly. d. decrease.
Suppose the first hour of study today will allow you to answer 10 correct questions in tomorrow's exam. After the first hour, the marginal benefit of each additional hour of study is reduced by 2 (meaning if you study 2 hours today your total number of correct responses tomorrow will be 18 and if you study 3 hours it will be 24 and so on). If the costs of studying each additional hour are zero, how many hours you should study?
A. 0 B. 6 C. 10 D. 18