One major consequence of the availability heuristic is that:
A. People may spend more resources to insure themselves against rare events, but leave themselves uninsured against more common events
B. Someone could persist in pursuing a failed policy despite overwhelming evidence of the failure
C. Bad decisions can be made because people will act without pausing to see whether their intuition is correct or not
D. Some people may wrongly believe in their forecasting ability to predict future outcomes of risky investments
A. People may spend more resources to insure themselves against rare events, but leave themselves uninsured against more common events
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All growth theory today is "new growth theory" because it considers a broad framework that includes technological progress
Indicate whether the statement is true or false
In general, an increase in price could be caused by either:
a. an increase in demand or a decrease in supply. b. an increase in demand or an increase in supply. c. a decrease in demand or an increase in supply. d. an increase in demand or an increase in supply.
Angelee works for a major corporation overseeing quality control, and she earns $50,000 per year. She uses about ten percent of her pay to purchase household items, such as appliances, and spends another two percent on travel. She buys stock with about five percent of her pay. Explain which of her actions are part of the factor market and why?
What will be an ideal response?
OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172Refer to the above table. The marginal cost of the third unit of output is:
A. $23. B. $24. C. $25. D. $20.