Ask your grandparents about their first love and they would probably remember it well. Ask about the second, and it would probably draw a blank. Think in terms of utility analysis and their responses come as no surprise because what they remember or don't remember, even about love, reflects the
a. same idea that is associated with the water and diamond paradox
b. law of maximizing utility
c. law of diminishing marginal utility
d. idea that utility is very durable over time
e. fact that total utility must be declining
C
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With perfect price discrimination, the level of output
A) exceeds the efficient quantity. B) is the same as the amount produced by any monopoly that price discriminates. C) is the same as the amount produced in a perfectly competitive market. D) equals the amount produced by a single-price monopoly. E) is unknown.
The outcome of a prisoners' dilemma game with a Nash equilibrium is that ________
A) both players deny B) one player denies and one player confesses C) both players confess D) there is no equilibrium
Explain why economists consider it to be one of the economic functions of government to provide a legal system
What will be an ideal response?
The field of economics that draws on insights from psychology to expand models of individual decision making is called:
A. psychological economics. B. behavioral economics. C. emotional economics. D. decision optimization economics.