A risk-preferring person is willing to pay
A) a risk premium.
B) a fee to make a fair bet.
C) to obtain decreasing marginal utility.
D) None of the above.
B
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Real GDP in a given year is
A) GDP valued in the prices of the base year. B) GDP valued in the prices of that year. C) always less than nominal GDP for the same year. D) GDP adjusted for the value of intermediate goods.
A positive statement:
A. can actually be false. B. must always be true. C. provides an opinion with a positive outlook. D. is the same as a normative statement.
“Monopolists are not technologically competitive.” Explain
What will be an ideal response?
If the supply of labor to a firm is perfectly elastic at the going wage rate established by the forces of supply and demand then
A. the wage rate has been decreasing. B. the firm can only hire additional units of labor by driving the wage rate up. C. full employment exists in the labor market. D. the firm is price taker.