If the risk associated with a particular outcome is ________, or the value of a particular outcome is ________, then cost-benefit analysis might lead people to take too few precautions
A) overestimated, overestimated
B) overestimated; underestimated
C) underestimated; overestimated
D) underestimated; underestimated
C
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Consumer surplus exists when a
A) person buys something with a marginal benefit less than what they paid. B) person buys something with a marginal benefit exactly what they paid. C) person buys something with a marginal benefit more than what they paid. D) producer sells something for more than it is worth. E) person buys something with a marginal cost less than what they paid.
Figure 5-17
In Figure 5-17, which of the marked points would an economist use to help him construct a single demand curve for X?
A. A and B B. C and D C. A and C D. A and D
As a form of business, a sole proprietorship
A) cannot issue stock. B) has limited liability. C) has the most government rules and regulations affecting it. D) has more than one owner.
Other factors held constant, if there are few close substitutes for a good, demand is more elastic for it
a. True b. False Indicate whether the statement is true or false