Traditional economists base their models of human behavior on simplifying assumptions regarding rationality and decision making
a. True
b. False
Indicate whether the statement is true or false
True
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Assume that Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. The following table shows the number of coolers or number of radios each country can produce in one day. Output Produced in One Day Coolers Radios Jamaica 12 6 Norway 24 3 Refer to Table 3-21. Jamaica’s opportunity cost of one cooler is
If total revenue falls when output increases, marginal revenue is
A) positive. B) negative. C) zero. D) greater than total revenue. E) elastic.
What is the factor substitution effect?
What will be an ideal response?
What is the difference between an autonomous change in spending and an induced change in spending?
What will be an ideal response?