Refer to Scenario 9.1. If Monty places ________ sheep on the commons, Sheb is better off placing ________ on the commons
A) 4; 4
B) 5; 4
C) 5; 5
D) Both A and B are correct.
C
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How does a monopoly transfer consumer surplus to itself?
What will be an ideal response?
With a human capital investment (such as the investment in going to college), the most important cost tends to be
A) foregone leisure. B) books and equipment. C) the opportunity cost of not working. D) taxes.
Suppose a monopolist's demand curve lies below its average variable cost curve. The firm will:
a. earn an economic profit. b. stay in operation in the short-run. c. shut down. d. none of these.
If the steady-state unemployment rate for an economy is 5% and each period 2% of employed workers lose their jobs, what percent of unemployed workers find employment each period?
A. 28% B. 38% C. 48% D. 8% E. 18%