What does it mean to be risk averse?
What will be an ideal response?
A person is risk averse if his or her expected utility from a risky situation is less than the utility he or she would receive from having, with certainty, the expected wealth from the risky situation.
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The figure below shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist. 
At this monopolist's profit-maximizing level of output, it:
A. earns an economic profit of $16 per day. B. earns an economic profit of $64 per day. C. incurs an economic loss of $16 per day. D. incurs an economic loss of $64 per day.
The most important participants in foreign exchange markets are ________
Fill in the blank(s) with correct word
Imposing a new $10 downtown parking tax a. would be a negative incentive that might have the positive result of reducing downtown congestion. b. would be a positive incentive that might have the positive result of reducing downtown congestion. c. would be a negative incentive that could only have negative results
d. None of the above is true.
For a typical product, an increase in consumer income will cause the market demand for the product to
a. decrease, which is a shift to the left of the demand curve. b. decrease, which is a shift to the right of the demand curve. c. increase, which is a shift to the left of the demand curve. d. increase, which is a shift to the right of the demand curve.