A person is dynamically consistent if:
A. lapses in his self-control never occur.
B. his preferences over the alternatives available at some future date do not change as the date approaches or once it arrives.
C. he always wants to follow through on his plans and intentions.
D. All of these are necessary for dynamic consistency.
D. All of these are necessary for dynamic consistency.
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Economic costs of an input include
A) only implicit costs. B) only explicit costs. C) both implicit and explicit costs. D) whatever management wishes to report to the shareholders.
Adopting a uniform menu across all sites provides the McDonald's Corporation __________ by spreading the cost of menu development over a large output
a. economies of scale b. diminishing returns c. constant returns to scale d. rising marginal product e. more flexibility
In the balance of payments, the settlement account
a. must exactly offset the net deficit or surplus in the other accounts. b. often exceeds the net deficit or surplus in the other accounts. c. is often less than the net deficit or surplus in the other accounts. d. is unrelated to the net deficit or surplus in the other accounts.
Why does a monopsonist's marginal expenditure curve lie above the labor supply curve?
What will be an ideal response?