A consumer goes to purchase a TV advertised for $300. As he is checking out, the clerk informs him of a $20 rebate offer for the TV, which he fills out and receives in 3 months. What can one can infer about the consumer's reservation price?

A. It was exactly $300.
B. It was at least $300.
C. It was at most $280.
D. It was at least $280 but less than $300.


Answer: B

Economics

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Economics

A venture capital fund wants to invest $1000 in each of one thousand mad scientists

The first scientist applying to the fund is working on the legendary pill that turns water into gasoline, and the second scientist is working on the even more legendary perpetual motion machine. The smart venture capitalist here will A) back the pill and look for 999 other scientists working on the same pill. B) back the machine and look for 999 other scientists working on the same machine. C) look for 500 scientists working on the pill and 500 working on the machine. D) back the pill, the machine, and 998 other different projects.

Economics

Commitment devices are:

A. methods to increase the price of your vices. B. methods to lower the price of your virtues. C. successful whether weak or strong, depending on the situation. D. All of these statements are true.

Economics

To an economist, the cost of a college education

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Economics