Suppose a couple's decision about where to live was based on maximizing family income. The wife is offered a job elsewhere paying $35,000 more per year, but the husband would have to take a $60,000 pay cut to move with her so they stay. The fact that the wife's salary is lower than average in her field is a result of
a. compensating differentials.
b. supply decisions by the workers.
c. gender discrimination.
d. differences in human capital.
b. supply decisions by the workers.
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Being the low price seller in the market is
A) the best place to be. B) not necessarily the best place to be. C) expected of large firms as they are subject to economies of scale. D) not as preferred as being the high price seller in the market.
Which of the following is correct?
a. IM + X = G ? T b. I + G + T = S + X ? M c. I + G + X = S + T + IM d. I + T + G = S ? X ? IM
Refer to the graph shown. Total utility is at its maximum at point:
A. A. B. B. C. C. D. D.
Of the following situations, explain which are best described as games and which are best described as just decisions:
a. Starbucks is deciding whether to offer a new, 40 oz. option called the Uberventi. b. Sasha is deciding whether to order a grande latte or venti latte from Starbucks. c. The people of Catalonia are deciding whether to vote for independence from Spain. d. MGM Resorts International is preparing to bid to obtain the last available casino license in Macao. e. The Hollywood Hills Homeowner Association is debating the landscape design for the renovation of the main entrance to their neighborhood.