Refer to Table 3.2, which shows some costs and benefits of having your car repaired. Suppose you use your car to deliver pizzas. If you earn $10 per hour delivering pizzas, what is your best choice of hours to spend on car repairs?
A. 2
B. 3
C. 4
D. 5
C. 4
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The psychological theory of the business cycle is
a. incorporated into practically all other theories of the cycle. b. held in disrepute by most economists. c. a complete explanation of the cycle. d. used only by monetary theorists.
If the firms in an oligopoly collude, the results will approximate what other type of industry?
a. perfect competition b. monopolistic competition c. monopoly d. none of the above
Suppose everyone in a town votes that they prefer improved public transportation systems instead of public parks, then according to the criteria of ________, that preference should not change even if a third option, like a public zoo, is included.
A. Transitivity B. Unanimity C. Independence of irrelevant alternatives D. No dictator
A firm's net income is also its
A) economic profit. B) balance sheet. C) accounting profit. D) opportunity cost.