Jared declines to purchase a new bicycle priced at $200 . Therefore:
a. Jared does not enjoy riding a bicycle
b. the expected marginal benefit of the bicycle to Jared exceeds $200 that could be spent on other things.
c. the expected marginal benefit of the bicycle to Jared is less than $200.
d. None of the above is true.
c
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In a fixed exchange rate system, rates are maintained by the central bank's ongoing purchases and sales of currencies
a. True b. False
The theory of rational expectations says that
a. workers make excellent choices of places to work. b. workers make the best possible forecasts of inflation. c. economists make rational expectations of inflation. d. economists expect workers to be rational.
The aggregate supply curve will be vertical when
A. output can be increased without an increase in the price level. B. the economy is operating at the full employment level of real GDP. C. the output and price level rise together. D. aggregate demand is shifting to the left.
The opportunity cost of owner-provided labor is the
A) wage rate paid to the owner. B) explicit part of the wage rate paid to the owner. C) salary the owner could have made if she worked at her best alternative job. D) profit after all of the bills have been paid.