Someone who values a lottery at less than the expected value is
a. a risk lover
b. risk neutral
c. risk averse
d. one who tends to play lots of lotteries
c
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Many communities use a mixed-flow recycling program in which various types of bottles, cans, and other containers are placed in a single recycling bin
Suppose a community alters its recycling program by mandating that the containers must be sorted by type of material (i.e., glass, aluminum, plastic). What is the expected impact of this change on the optimal quantity of unredeemed (scrapped) containers? A) Optimal quantity increases B) Optimal quantity decreases C) Optimal quantity remains unchanged D) We cannot determine the outcome of this policy change without having more information
Which of the following events would increase the four-firm concentration ratio in a milk industry with six firms?
A. The two largest milk producers merge. B. The largest milk producer buys an ice cream-making plant. C. The largest milk producer lures customers away from the second largest producer. D. The four largest milk producers collusively fix prices.
The U.S. is a net importer of agricultural products.
a. true b. false
When do diminishing marginal returns occur?
(A) When some workers increase output but others decrease it. (B) When extra workers will have to wait their turn to be productive. (C) When the marginal product of labor increases as the number of workers increases. (D) When additional workers increase total output at a decreasing rate.