According to economists, when two people make exactly the opposite decision

A) one of them is acting irrationally.
B) each person evaluates the situation according to his/her individual self-interest.
C) one of them is acting out of spite.
D) one of them should compromise.


B

Economics

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Emily is a writer. She buys pens and paper for $20 and writes a 500-page novel that she sells to a publishing company for $500,000. If the publisher prints 1 million copies that sell for $25 each, what is the contribution to GDP of Emily's novel?

A) $25 million B) $20 million C) $500,000 D) $50,000

Economics

We collapse the consumer's current-period and future-period budget constraints into a single lifetime budget constraint by

A) assuming no default. B) substituting for savings. C) eliminating consumption smoothing. D) assuming the consumer knows the future.

Economics

Refer to Figure d, which illustrates a game played by Travis and Darren. Darren's dominant strategy is:



A. East.

B. West.

C. neither East nor West because East is only weakly dominated.

D. both East and West.

Economics

Economics is a

A) hard science. B) physical science. C) natural science. D) social science.

Economics