Jose is rational if he
A) does not intentionally make decisions that would leave him worse off.
B) never makes a mistake in his life.
C) only responds to rewards that involve money.
D) always uses a model or mathematical formula to help him make a decision.
Answer: A
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Cynthia is an Oklahoma wheat farmer. The demand for her wheat is
A) perfectly inelastic. B) inelastic but not perfectly inelastic. C) elastic but not perfectly elastic. D) perfectly elastic. E) unit elastic.
Explain the relationship between relative prices and the slope of a country's production possibilities frontier
What will be an ideal response?
In the long run, firms in markets that are ________ earn zero economic profits
A) perfectly competitive B) monopolistically competitive C) monopolies D) Both A and B
Consumers must understand the law of diminishing marginal utility in order to maximize their satisfaction
a. True b. False