Suppose that some teachers have decided that economic and financial uncertainty have made the prospect of retiring more risky, and therefore carry a higher cost than not retiring
By using all available information as they act to achieve their goals, these teachers are exemplifying the economic idea that
A) people are rational. B) people respond to economic incentives.
C) optimal decisions are made at the margin. D) equity is more important than efficiency.
A
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The above figure shows the cost curves for a competitive firm. If the firm is to earn economic profit, price must exceed
A) $0. B) $5. C) $10. D) $11.
Refer to the payoff matrix below. If each cell has a probability of occurrence of 0.25, what are Healthy Snacks' expected profits?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) $6.5 B) $11 C) $3.5 D) $9.25
The "Four Tigers" of East Asia are the newly industrialized countries of Taiwan, South Korea, Hong Kong, and:
a. Japan. b. Singapore. c. the Philippines. d. Vietnam.
Which of the following elements are involved in monopolistic competition?
a. difficult entry, many sellers, identical products; significant brand loyalty b. easy entry, many sellers, product differentiation; significant brand loyalty c. easy entry, few sellers, identical products; little brand loyalty d. difficult entry; few sellers; product differentiation; little brand loyalty