Rational behavior for an economist means that individuals
A) are motivated by self-interest.
B) never change their minds.
C) always make positive choices.
D) are self-sacrificing.
A
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If the value that people, on average, receive from a common property exceeds the marginal cost of its use, then
a. more people will use the common property. b. social gain is as large as possible. c. the common property creates zero economic rent. d. demand for the common property will fall.
Equity and efficiency can be achieved simultaneously through competition
Indicate whether the statement is true or false
In the burglary crime model presented in the textbook, as the anguish cost of committing a burglary rises, the prediction is that
A) more people will commit burglary. B) the same number of people will commit burglary. C) fewer people will commit burglary. D) There is not enough information to answer this question.
If 100 shirts are sold when the unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range,
What will be an ideal response?