Hank goes to a Korean restaurant for the first time and he has no prior knowledge of Korean. He orders the Daenjang Chigae prepared medium hot and hopes for the best. Here an information __________ is __________ a market outcome.
A. symmetry; affecting
B. symmetry; not affecting
C. asymmetry; affecting
D. asymmetry; not affecting
Answer: D
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A consumer has maximized his or her utility by consuming
A) at the midpoint of the budget constraint line. B) at the midpoint of the demand curve. C) so that the total utility of all goods consumed is the same. D) so that the ratio of marginal utility to price is the same for all goods consumed.
Why does multinational corporation investment not necessarily offer the advantage of domestic employment expansion?
What will be an ideal response?
The quantity demanded of Pepsi has decreased. The best explanation for this is that
A. the price of Pepsi has increased. B. the price of Coca-Cola has increased. C. Pepsi consumers had an increase in income. D. Pepsi's advertising is not as effective as in the past.
Under rate-of-return regulation, average cost pricing
A) is inflated so the firm can make economic profits. B) includes variable costs but not a cost for capital. C) includes what they consider to be a fair rate of return on investment. D) includes a cost for capital that generates an above normal rate of return.