The most likely substitute good for hot dogs would be:
A. ketchup.
B. burgers.
C. potato chips.
D. a plate.
B. burgers.
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Money is used as a ________ when you visit the local farmers' market and compare prices across different vendors
A) means of payment B) unit of account C) store of value D) medium of exchange E) measure of barter
Why is health considered a consumption good and a form of human capital?
What will be an ideal response?
A pharmaceutical company faces a price regulation where it cannot charge any higher than $5,000 for a lifesaving drug. The company knows that the patients put a high value on this product and are willing to pay up to $10,000 for it. The company decides to sell the drug together with periodic blood testing for $10,000 . This is an example of
a. Tying b. Bundling c. Fraud, the company is not allowed to sell for any higher than the regulatory pric d. Both A&B
People will consistently sit through terrible movies at the theater instead of leaving early. This behavior makes no sense because it implies people are:
A. ignoring sunk costs, which is irrational. B. focusing on sunk costs, instead of thinking at the margin. C. thinking at the margin, instead of focusing on sunk costs. D. not thinking at the margin, which is rational.