Because the benefits derived from an activity decline as it is expanded, it is generally wise to
a. undertake all actions that generate benefits.
b. expend the smallest possible amount of resources on this type of activity.
c. avoid any activity with this characteristic.
d. stop the activity before perfection is reached..
D
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Graphically, producer surplus is measured as the area
A. under the demand curve and below the actual price. B. above the supply curve and above the actual price. C. under the demand curve and above the actual price. D. above the supply curve and below the actual price.
Why is reliable data on the formation and survival of startups difficult to obtain?
Public choice theory indicates someone who spends more time evaluating which tennis racket to buy than deciding which U.S. Senate candidate to support
a. is behaving irrationally. b. is behaving rationally, given the structure of incentives confronted. c. will likely be responsible for electing the wrong senator. d. is failing to maximize his own personal utility.
________: the change in investment with respect to the change in interest rates
Fill in the blank(s) with correct word