Which of the following is an example of a variable ordering cost?
A) the cost of submitting the order
B) the cost of processing the bill
C) a delivery cost that depends of the number of units ordered
D) a fixed delivery charge
C) a delivery cost that depends of the number of units ordered
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According to the "rational expectations" school of thought in macroeconomics, the short-run Phillips curve is ________ in face of anticipated changes in monetary policy
A) horizontal B) vertical C) negatively sloped D) positively sloped
Suppose the demand for tacos decreases. What will happen to producer surplus in the market for tacos?
a. It increases. b. It decreases. c. It remains unchanged. d. It may increase, decrease, or remain unchanged.
If pollution is reduced below the socially efficient level:
a. the marginal cost of pollution abatement exceeds the marginal benefit of pollution abatement
b. the marginal cost of pollution abatement is less than the marginal benefit of pollution abatement.
c. the marginal cost of pollution abatement equals the marginal benefit of pollution abatement.
d. nothing can be said about the relationship between the marginal cost and marginal benefit of pollution abatement.
Which of the following is a common mistake consumers commit when they make decisions?
A) They take into account nonmonetary opportunity costs but ignore monetary costs. B) They are overly pessimistic about their future behavior. C) They fail to ignore sunk costs. D) They sometimes value fairness too much.