Someone saying that he wants to lose weight, but ordering dessert is an example of:
A. rational decision making.
B. rational behavior.
C. irrational behavior.
D. utility-maximizing behavior.
C. irrational behavior.
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Bonzo is in business for himself making and selling Easter baskets. His daily cost for wicker is $100 and his daily revenue is $120. Bonzo quit his job at the Basket Weaving factory where he earned $15 a day, to enter the Easter basket business. Given this information, we know that his accounting profit
a. is $120 and his economic profit is $105. b. and economic profit are both $20. c. is $20 and his economic profit is $5. d. and economic profit are both $5.
Based on the production data for Pat's Pizza Parlor in the above table, which of the following pair of workers have the same average product?
A) 1 and 2 B) 2 and 4 C) 1 and 5 D) 2 and 5
A furniture maker used to buy its wood, but has now bought the lumber company. How does this impact GDP?
A) It reduces it. B) It does not change. C) It increases it. D) We cannot tell.
Managers undertake an investment only if
a. Marginal benefits of the investment are greater than zero b. Marginal costs of the investment are less than marginal benefits of the investment c. Marginal benefits are greater than marginal costs d. Investment decisions do not depend on marginal analysis