The present aim standard of rationality accommodates a much ________ range of observed behavior than traditional economic models, but has been criticized because the model is too ________.
A. broader; flexible
B. narrower; inflexible
C. broader; inflexible
D. narrower; flexible
Answer: A
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Kelly's marginal utilities for magazines and packages of gummy bears are listed in the table above. For Kelly, what is the total utility received from consuming 5 magazines?
A) 5 B) 20 C) 25 D) 255
Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.
A bureaucrat at a public utility commission hearing testifies that the local area telephone monopoly is able to maximize its revenue. For that reason the rate-hike request should be denied
What will be an ideal response?
Profits will be maximized when the slope of the total revenue curve and the slope of the total cost curve equal zero
a. True b. False Indicate whether the statement is true or false