A rational person may remain less than fully informed on an issue to be decided in an election
a. True
b. False
Indicate whether the statement is true or false
True
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Carolyn knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?
A) total cost B) average fixed cost C) fixed cost D) variable cost E) Carolyn can determine all of the above costs given the information provided.
If ten cases of pretzels are sold at a price of $8 each and the marginal product of the last unit of labor is 5, the firm's total revenue is
a. $80 b. $30 c. $50 d. $6 e. $150
A fundamental axiom of rational choice theory is
A. consumers should be risk-neutral. B. consumers should disregard recent performance data. C. choices should be independent of irrelevant alternatives. D. choices should be independent of relevant alternatives.
A market situation where a small number of sellers dominate the entire industry is called:
A. monopolistic competition. B. monopsony. C. monopoly. D. oligopoly.