In 1932, Walter Cannon of the Harvard Medical School coined the phrase ________________ to refer to the alerted condition of the body as it prepares for physical battle or escape
a. Terror or fright
b. Push or pull
c. Punch or race
d. Flight or fight syndrome
D
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Price discrimination adds to social welfare in the form of (i) increased total surplus. (ii) reduced costs of production. (iii) increased consumer surplus
a. (i) only b. (i) and (ii) only c. (i) and (iii) only d. (i), (ii), and (iii)
"If the cost of college tuition goes up, then fewer people will go to college." This statement:
A. is always true. B. is true only if for some students the cost of college after the tuition increase exceeds the benefits of attending college. C. would never be true. D. ignores the opportunity costs of attending college.
The value of the best alternative to any action you undertake is referred to as its:
a. Increasing cost b. Production cost c. Resource cost d. Opportunity cost
What is marginal benefit? Which curve is also referred to as a marginal benefit curve?
What will be an ideal response?