According to the adaptive rationality standard, people's goals:
A. are a choice variable, and people's choices about which goals to pursue are made efficiently.
B. are fixed, and people are efficient at pursuing whatever goals they happen to hold at the moment of action.
C. are fixed, and people are often inefficient at pursuing those goals, which explains why people experience regret.
D. are a choice variable, and people may not be efficient at choosing which goals to pursue.
Answer: A
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"Dad said he'd pay for my education whether I go to State or to Ivy College. So I chose Ivy College, even though it'll cost him $15,000 more in tuition each year!" Pick the correct statement:
A) Her opportunity cost is $15,000 each year. B) Her opportunity cost is the satisfaction she would have experienced at State. C) Whether she realizes it or not, her opportunity cost is infinite, just like her dad's love is infinite. D) She has no opportunity cost, because her dad will pay for her education.
A socially optimal equilibrium occurs when: a. the marginal social cost of a given level of output is equal to the marginal social benefit. b. the marginal private cost of a given level of output is equal to the marginal social benefit. c. the marginal revenue from a unit of a good equals the marginal cost of production
d. the average revenue from a unit of a good equals the marginal cost of production.
Exhibit 3-8 Demand and Supply Data for Video Games ? Price Quantity Demanded of Video Games Quantity Supplied of Video Games $75 400 900 70 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 ? In Exhibit 3-8, if there is a surplus of video games of 200 units, the current price of video games must be:
A. $60. B. $50. C. $45. D. $40.
Suppose that, at a given level of disposable income, consumers decide to save more. Explain what effect this decision will have on equilibrium income. Also, explain what effect this decision will have on the level of saving once the economy has reached the new equilibrium
What will be an ideal response?