"People are at war with themselves. Part of them says that they want to quit smoking, but another part says they need a cigarette right now. Or part of them says they want to be healthy, and another part says they need to satisfy their cravings for fatty food and sweets." These statements are suggesting that:
A. people have difficulties with self-control.
B. needs should be taken seriously, but wants may be frivolous.
C. sometimes inalienable rights are more important than people's desires.
D. fairness should be considered in evaluating outcomes.
Answer: A
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Refer to the scenario above. Which of the following will happen in equilibrium if the car dealer has a reputation of trustworthiness?
A) You will trust him and he will cooperate. B) You will trust him and he will defect. C) You will not trust him. D) You will earn positive consumer surplus.
All business firms should consider their fixed costs in determining the prices they set.
Answer the following statement true (T) or false (F)
According the graph shown, the profit-maximizing decision of the monopolist would be:
This graph shows the cost and revenue curves faced by a monopoly.
A. Q1, P1.
B. Q1, P3.
C. Q2, P2.
D. Q1, P2.
Which of the following is an example of a pure market economy?
a. ?United States b. ?Switzerland c. ?Singapore d. ?No nation has a pure market economy