Grocery shoppers who willingly pay high prices at one supermarket to avoid long lines at the check-out counter of another supermarket with lower prices demonstrate, through their actions,
A) they are not rational shoppers.
B) they don't care about money.
C) they would pay any amount of money to save a little time.
D) all of the above.
E) none of the above.
E
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Jeong's uncompensated demand for gizmos is given by Q = 30 - 2p. Jeong's marginal willingness to pay function is
A) 30-2p. B) 15-.5Q. C) 30-2Q. D) -2.
A monopoly is:
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run. b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry. c. the only buyer of a unique raw material. d. the producer of a product subsidized by the government.
If a country has Y > C + I + G, then it has
a. positive net capital outflow and positive net exports. b. positive net capital outflow and negative net exports. c. negative net capital outflow and positive net exports. d. negative net capital outflow and negative net exports.
When the expected rate of inflation is added to the real interest rate, the result is called the:
A. preferred rate. B. nominal interest rate. C. adjustment rate. D. differential rate.