The organization of the context and process in which people make decisions is called:
A. political structure.
B. choice architecture.
C. ways and means theory.
D. choice structure.
B. choice architecture.
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A competitive firm will shut down its operations in the short run when the market price falls below its
a. marginal revenue. b. marginal cost. c. average cost. d. average variable cost.
Using money as a unit of account lowers information costs compared to barter exchanges
a. True b. False Indicate whether the statement is true or false
Refer to the table at right. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $135, how many units of labor should be hired?
A. 14 B. 11 C. 12 D. 13
The tendency for the market to under produce public goods and overproduce private goods results from:
a) the fact that people are reluctant to buy what they can get free. b) the law of conservation of matter and energy. c) the law of diminishing returns. d) public goods are not as important as private goods.