Will, Bill, and Phil decide to study an extra hour for an exam. Instead of studying, they could have gone out to eat, played football, or watched TV. Which of the following statements is correct?
A) The benefit the three students receive must be the same because they all make the same choice.
B) The marginal cost of the decision is the same if they make the same score on the exam.
C) The students could each have different opportunity costs.
D) The students made a rational choice as long as they face no scarcity.
E) Going out to eat, playing football, and watching TV are all called sunk costs.
C
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An example of a private good would be
a. a library book. b. a rose garden. c. an internet radio subscription. d. a sleeping bag.
Communication between the teacher and parents should:
A. be a one-way communication. B. occur when the teacher has a concern. C. be mutually beneficial and a reciprocal relationship. D. occur during parent-teacher conferences.
A good or service or a resource is nonexcludable if
A) it is possible to prevent someone from enjoying its benefits. B) it is not possible to prevent someone from benefiting from it. C) its use by one person decreases the quantity available for someone else. D) its use by one person does not decrease the quantity available for someone else.