While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Jordan notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50. For Jordan, the marginal cost of purchasing the third taco would be Select one:
a. Zero.
b. 20 cents.
c. 75 cents.
d. 80 cents.
b. 20 cents.
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A random adverse event is an event that has a(n) ________ probability and is associated with a ________ outcome.
A) known; positive B) known; negative C) unknown; negative D) unknown; positive
Figure 3-15
Refer to . Which area represents the increase in producer surplus when the price rises from P1 to P2?
a.
BCE
b.
ACF
c.
ABED
d.
AFEB
Answer the following statement true (T) or false (F)
1) Hardwired heuristics make it easy to change behavior by simply presenting people with better information. 2) Heuristics can be exploited to lead people to positive outcomes. 3) Between System 1 and System 2 in the brain, System 1 makes most of the decisions. 4) System 1 is the part of the brain that carefully weighs the benefits and costs when making decisions.
Employing a general equilibrium approach, describe the effect of a new law that prohibits steel imports
What will be an ideal response?