Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0Jane's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 2
B. 4
C. 1/2
D. 1
Answer: D
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Information asymmetry in a market can lead to ________
A) a market failure B) the paradox of thrift C) the free-rider problem D) a tragedy of the commons
While waiting in line to buy a cheeseburger for $2 and a drink for 75 cents, Aaron notices that the restaurant has a value meal containing a cheeseburger, drink, and French fries for $3 . For Aaron, the marginal cost of purchasing the French fries:
a. would be zero. b. would be 25 cents. c. would be 50 cents. d. cannot be determined because the information about the price of the French fries is not provided.
If the production of a good generates a detrimental externality, then at that level of production of the good under perfect competition,
A. MSC > P. B. MPC > MSC. C. P > MU. D. MPC > P.
Observations of violations of consumer optimum predicted by consumer choice theory could provide support for I. utility analysis II. bounded rationality III. behavioral economics
A) I only. B) III only. C) both I and II. D) both II and III.