What is NOT true about rational choice?
A) It is the same for all individuals.
B) It can result in different decisions for different individuals.
C) It involves comparing costs and benefits.
D) It might turn out not to have been the best choice after the event.
E) It is a choice that uses the available resources to best achieve the objective of the person making the choice.
A
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A price floor is the ________
A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good
Is it possible for average total cost to be decreasing over a range of output where marginal cost is increasing? Briefly explain
What will be an ideal response?
In a bargaining solution, a player's net surplus is
A) the amount of total surplus minus any deadweight loss. B) the difference between what the player receives in the final bargain minus what she would have gotten from the disagreement point. C) the amount of consumer surplus she receives minus any deadweight loss. D) always maximized.
? Output (units) 0 1 2 3 4 5 Total Revenue ($) 0 9 16 21 27 31 Total Cost ($) 10 12 15 19 26 35To maximize its profits, the firm described in Table 8-1 should produce ____ unit(s) of output.
A. 1 B. 2 C. 3 D. 4