Which of the following components are involved in decisions made according to rational self-interest?
a. reminiscence; drawbacks; supply
b. reminiscence; benefits; supply
c. expectations; drawbacks; costs
d. expectations; benefits; costs
d. expectations; benefits; costs
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The Federal Reserve
A price-discriminating pure monopolist will attempt to charge each buyer (or group of buyers):
A. different prices to compensate for differences in the characteristics of the product. B. the price that equals the buyer's marginal cost. C. the maximum price each would be willing to pay. D. the same price if per-unit cost is constant for each unit of the product.
Costs of unemployment include
A) structural unemployment. B) the output lost due to the fact that the economy is not running at full employment. C) reduction in the labor force. D) higher wages.
One reason that some whales were hunted close to extinction is that no one can claim ownership of a whale until it is killed. If property rights to the whale population were established:
a. then whales would surely be hunted to extinction. b. the owners would have the incentive to ensure a sustainable yield of whales, so the whale population could recover. c. no one would hunt whales. d. the price of whales would be kept artificially low so that trade in whales would become unprofitable. e. the whales would be hunted to extinction only when the price is high and it is profitable to trade in whales.