If a person willingly plays an unfair game that is NOT in his favor, he is risk loving
Indicate whether the statement is true or false
False. While that could be the reason, there are others. Either the person likes gambling for entertainment reasons, or the person does not understand the probabilities associated with each payout.
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If the two goods in an Edgeworth Box are perfect complements for one person and perfect substitutes for the other, then all efficient allocations are such that the first person has the same amount of good 1 as of good 2.
Answer the following statement true (T) or false (F)
How do the price, output, consumer surplus, economic profit, and total surplus for a single-price monopoly compare to that of a competitive industry?
What will be an ideal response?
The law of supply can be stated as all else equal:
A. quantity supplied rises as price falls. B. quantity supplied rises as price rises. C. quantity supplied rises as income rises. D. quantity supplied rises as income falls.
The primary difference between a monopolistically competitive firm and a monopoly is:
A. the ability for competition to enter the market in the long run. B. the ability for competition to enter the market in the short run. C. only the monopolistically competitive firm is a price taker. D. only the monopolist can set his price equal to demand.