Refer to the scenario above. If Alice values fairness, ________
A) she will not accept any offer made by Robert
B) Robert should make the lowest possible offer to Alice
C) she will accept the offer when Robert offers $250
D) Robert should not play the game
C
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The ability to exercise control over one's own resources within the confines of the law refers to
A) the free market. B) one's property rights. C) having an absolute advantage. D) entrepreneurship.
The Federal Reserve Board of Governors
A. serves at the pleasure of the president similar to other cabinet positions. B. reports directly to Congress and is controlled by Congress. C. consists of 12 members, one from each district bank. D. is structurally independent of the executive and legislative branches of the federal government.
Pareto optimal policies are almost nonexistent in the real world.
Answer the following statement true (T) or false (F)
Exhibit 8-2 Demand and cost information for a monopoly Q P TC 0 40 10 1 30 15 2 20 25 3 10 40 4 0 60 The marginal revenue of the second unit of output in Exhibit 8-2 is:
A. 10. B. 20. C. 30. D. 40.