Reputations:
A. are generally not important in economic decisions.
B. influence a wide variety of important economic decisions.
C. represent manifestations of the winner's curse.
D. always lead to Nash disequilibriums.
B. influence a wide variety of important economic decisions.
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When tastes are quasilinear in leisure, the labor supply curve is vertical.
Answer the following statement true (T) or false (F)
Interest is
a. the price paid for early availability of funds. b. the risk of extending a loan. c. an unnecessary premium charged for the use of money. d. the price one must pay when she does not save.
Consider a town with three residents. The residents' demand curves for various acres of a public park are shown below.
Suppose the town can purchase land for the park at a cost of $20 per acre. The optimal park size would be ________ acres.
A. 4 B. 8 C. 6 D. 2
Which of the following individuals least likely suffers from myopia?
A. Marilyn, who struggles to lose weight because she regularly cheats on her diet. B. Myrna, who lived through the Great Depression and tends to spend frugally and save most of her money. C. Malcolm, who currently spends all his income and saves nothing for retirement. D. Marvin, who regularly sleeps in and is constantly late for work, much to the chagrin of his boss.