The cost of a choice is
A) the price of the product selected.
B) the price of the product not selected.
C) the next best opportunity.
D) all of the opportunities given up.
C
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Explain what is meant by perfect price discrimination
What will be an ideal response?
All of the following are potential benefits of defined contribution plans EXCEPT:
A) clear ownership rights to the balances of their 401Ks B) lower risk for employees C) if the employee's investments are profitable, the employee can have high income during retirement D) contributions to traditional 401Ks are tax deductible
In the event of a detrimental externality that affects the public interest, government action is the only solution.
Answer the following statement true (T) or false (F)
Assume that a 4 percent increase in income across the economy produces an 8 percent increase in the quantity demanded of good X. The coefficient of income elasticity of demand is:
A. negative and therefore X is an inferior good. B. negative and therefore X is a normal good. C. positive and therefore X is an inferior good. D. positive and therefore X is a normal good.