The total cost of an accident is equal to the ________ plus the ________.
A) expected cost of the bad outcome; the cost of actions taken to decrease the expected cost of the bad outcome
B) expected cost of the bad outcome; the cost of actions taken to increase the expected cost of the bad outcome
C) expected marginal cost of the bad outcome; the fixed cost of actions taken to decrease the expected cost of the bad outcome
D) expected marginal cost of the bad outcome; the cost of actions taken to increase the expected cost of the bad outcome
A) expected cost of the bad outcome; the cost of actions taken to decrease the expected cost of the bad outcome
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When the aggregate expenditures of a nation exceed its output, _____
a. the nation's inventories fall b. the government purchases of goods and services fall c. the nation's firms decide to decrease their level of production d. there will be an inflationary increase in the price level
When an economy is experiencing an economic boom and operating beyond its long-run capacity,
a. strong demand for investment funds will push interest rates upward. b. weak demand for resources will push the prices of resources downward. c. weak demand for investment funds will cause the real interest rate to decline. d. the unemployment rate will be greater than its natural rate.
At an output at which MC is greater than ATC
A) the ATC curve is downward sloping. B) the ATC curve is upward sloping. C) the AFC curve is upward sloping. D) the AVC curve is downward sloping.
Which of the following statements best represents the attitude of a consumer with a very inelastic demand toward various brands of coffee?
A. "All the brands are exactly the same. I always buy the cheapest." B. "Coffee is coffee; one brand is as good as the rest." C. "My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it." D. "With my limited budget my favorite brand is usually the 'what's on sale' brand."