Behavior on the part of the firm that allows it to comply with the law but violate the spirit reducing the law's effect is
A) a dominant strategy.
B) a creative response.
C) the lemons problem.
D) a positive-sum effect.
Answer: B
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The opportunity cost of an action includes: a. the monetary expenses incurred as a result of the action
b. the highest valued alternative use of the time spent on the action. c. the benefits received as a result of the action. d. only a. and b.
Which of the following can be categorized as a composite currency?
a. Italian lira b. European Currency Unit c. Pound d. Australian dollar e. Danish Krone
An individual who stores wealth in art rather than money will find that he/she:
A. has far more liquidity than most savers. B. suffers larger real losses during periods of high inflation. C. will incur higher transaction costs when he/she ultimately makes purchases. D. will have to resort to barter exchanging the art for desired goods.
Refer to the information provided in Figure 8.9 below to answer the question(s) that follow. 
Figure 8.9
Refer to Figure 8.9. This farmer's profit-maximizing level of output is ________ units of output.
A. 100 B. 350 C. 500 D. 700