Lucky buys hats for $20 but Lucky will not sell one of her hats for less than $35. Lucky is ________
A) displaying the endowment effect
B) making decisions using her prefrontal cortex
C) exhibiting bounded self-interest
D) showing unbounded will power
A
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What is a monopolist, and what is required for a monopolist to earn profits in the long run?
What will be an ideal response?
The equation of exchange states:
a. MV = PQ. b. MP = VQ. c. MP = V/Q. d. V = M/PQ.
As quantity increases, which of the following must be true if average total costs are rising? a. Marginal cost must be greater than average total cost
b. Marginal cost must be less than average total cost. c. Average fixed cost must be increasing. d. Average fixed cost must be less than average variable cost.
There is a general overall ________ relationship between the price level and ________.
A. negative; aggregate expenditures B. negative; nominal expenditures from the government C. positive; aggregate expenditures from the government D. positive; nominal expenditures from households