In the real world, it is likely that wage negotiations:
A. drag on for years to see which side is more patient.
B. often end with the company enjoying a larger payoff, since they can afford to be more patient.
C. often end with the worker's enjoying a larger payoff, since they are not losing as much in profit as the company.
D. do not drag on for years.
D. do not drag on for years.
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If people have never implemented an idea that you believe offers substantial opportunity:
A. you should seek a low interest loan immediately in order to launch your product. B. you should conclude people are irrational. C. your evaluation might be missing something and you should carefully revisit the first three economists' questions. D. you should conclude that you are being irrational.
The achievement of the optimal allocation of society's scarce resources requires that regulators set prices equal to firms marginal cost
a. True b. False
When evaluating whether or not to make an investment, one should focus on the ________ because doing so takes into account anticipated inflation.
A. exchange rate B. real interest rate C. junk bond rate D. nominal interest rate
Which of the followingbestdescribes the economic concept of utility?
A. Utility is the total number of units a consumer buys. B. Utility measures the usefulness of goods, such as tools or food, and so goods such as artwork or attractive landscaping by definition has no utility. C. Utility measures the satisfaction, or pleasure, that people receive from consuming a good or service. D. Utility and price are interchangeable values.