_____ is the understanding that perfect information is not likely to be available, and that as a result, people make decisions that in hindsight look irrational, but in reality are the rational results of a brain that is economizing
a. Reasoning
b. Parametric determinism
c. Rational ignorance
d. Bounded rationality
e. Dynamic inconsistency
d
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The Wilfer Resort Hotel has a spectacular view of a pine forest along a river bank. Suppose a commercial logger has purchased the pine forest and is planning to clear-cut the forest in a way that has a negative impact on the resort
Can the two parties arrive at a Coasian solution and if so what might that solution be?
Refer to the figure above. The quota shown in the diagram equals
A) 200 units. B) 500 units. C) 1000 units. D) 1200 units.
If the productivity of capital rises, its MPP will _____ and its MRP will _____.
A. rise; rise B. fall; fall C. rise; fall D. fall; rise
The graph above shows the demand and cost conditions facing a monopolist. What price will the monopolist set?
A. $20 B. $40 C. $60 D. $30 E. $50