John's utility of wealth curve is shown in the above figure. He currently has wealth of $20,000. If the state lottery offers a 1 in 10,000 chance of winning $10,000, John will
A) pay whatever price it takes to play.
B) pay $1 to play this game.
C) pay less than $1 to play this game.
D) not be willing to play this game at any price.
C
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Answer the following statements true (T) or false (F)
1. In recent years, immigration has contributed an insignificant amount to the U.S. population growth. 2. The main driver of economic immigration is the opportunity to improve earnings and living standards. 3. The majority of international migrants move to countries relatively close to their home countries because close proximity reduces the cost of the move relative to anticipated benefits. 4. Other things equal, larger wage differences between nations tend to increase the flow of immigration toward the country with higher wage opportunities.
In a world of certainty about future demand and supply, speculators cause price fluctuations across time to decrease.
Answer the following statement true (T) or false (F)
In the long run, firms in a perfectly competitive market produce:
A. where average variable costs are minimized. B. at a quantity with positive economic profits. C. where price equals marginal cost. D. where MC is at its lowest point.
A failure of the pricing system has led to pollution
a. True b. False Indicate whether the statement is true or false