"The alarm went off, the sun rose, and I had to make a choice; microeconomics class or sleep longer.". The scarce resource in this case is
a. time
b. logical ability
c. textbooks
d. alarm clocks
e. sunshine
A
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Marylou, whose utility of wealth curve is shown in the figure above, faces two options. Option A yields her $200 for sure. Option B has a 0.4 probability of yielding $100 and a 0.6 probability of yielding $300. Marylou
A) picks option A. B) picks option B. C) is indifferent between option A and option B. D) needs more information to make a choice.
Which of the following would lead to stagflation?
a. demand-pull inflation b. cost-push inflation c. both of the above d. none of the above
Mutual interdependence among firms in an oligopoly means that:
a. firms never form a cartel. b. it is difficult to know how firms will react to decisions of rivals. c. no formal agreement is possible among firms. d. firms never practice price leadership.
Equilibrium price
What will be an ideal response?