When you choose the solution that has the greatest benefit for you
a. implicit favorite model
b. bounded rationality model
c. econological model
d. none of the above
Ans: c. econological model
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What is the relationship between price, marginal revenue, and marginal cost when a single-price monopoly is maximizing profit?
What will be an ideal response?
All of these factors create economies of scale, except
a. Specialization and Division of Labor b. Technological Factors c. Increase in advertisement costs d. Quantity discounts
Gross domestic product is a measure of:
a. market value of a nation's capital assets (physical capital). b. expenditures on and sales revenues derived from all goods and services exchanged during a period. c. market value of the output produced during a period. d. asset holdings of people and the happiness that they derived from the ownership of those assets.
If the amount of time spent procrastinating and the performance on an exam are inversely related, then
A. more procrastination leads to lower exam grades. B. more procrastination leads to higher exam grades. C. a graph with this relationship would be positively sloped. D. the slope of the line reflecting this relationship will be 0.