The process of making choices in increments by evaluating the additional, marginal, benefit against the additional, or marginal, ost of an action is called?
A. A logical choice
B. accepted decision making
C. marginal decision making
D. active decision making
Answer: C. marginal decision making
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If the local pizzeria raises the price of a medium pizza from $6 to $10 and quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the arc price elasticity of demand for pizzas is:
A) 0.67. B) 1.5. C) 2.0. D) 3.0.
Many states have usury laws, which:
a. impose an upper limit on the interest rate that lenders can charge. b. impose a lower limit on the interest rate that lenders can charge. c. impose limits on how products can be used by consumers. d. impose an upper limit on the quantity of a product that can be sold.
A mortgage, where the monthly payments are the same for the duration of the loan, is an example of a(n):
A. installment loan. B. equity security. C. variable payment loan. D. fixed payment loan.
Most product markets are perfectly competitive.
Answer the following statement true (T) or false (F)