Sometimes ignoring that money is fungible can be:
A. useful and help someone stay on budget.
B. irrational and lead to costly decisions.
C. Both of these are true.
D. Neither of these is true.
Answer: C
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Refer to Scenario 12.2. In this game, if both players end up playing their tough strategies, then
A) Eliza will donate a kidney and Jerome will not donate. B) both Eliza and Jerome will donate a kidney. C) Jerome will donate a kidney and Eliza will not donate. D) neither Eliza nor Jerome will donate a kidney.
Refer to the above figure. If the government imposes a price floor of $60
A) the quantity of goods that will be traded is 100. B) the quantity of goods that will be traded is 200. C) the quantity of goods that will be traded is 150. D) the quantity of goods that will be traded is 0.
For the monopolistic competitor, which of the following is INCORRECT?
A) Because the firm is not a perfect competitor, its demand curve slopes downward. B) The marginal revenue curve is downward sloping and lies below the demand curve. C) The profit-maximizing rate of output arises at the point at which the marginal cost curve intersects the marginal revenue curve. D) If the firm in a monopolistically competitive industry were making economic losses, new firms will enter the industry.
Monetary
What will be an ideal response?