New ________ has often undermined natural monopolies, such as in the case of competition for local telephone service in some states.
Fill in the blank(s) with the appropriate word(s).
technology
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Someone who says he loves his mother far more than he loves football but nonetheless attends a football game when he could be visiting his mother
A) displays weakness of will. B) is a hypocrite. C) is behaving inconsistently with his own stated values. D) places a lower marginal value on visiting his mother than on attending the football game. E) shows that the marginal value of visiting his mother is less for him than the marginal cost of attending the football game.
The opportunity cost of an action is:
a. the monetary payment the action required. b. the total time spent by all parties in carrying out the action. c. the value of the best opportunity that must be sacrificed in order to take the action. d. the cost of all alternative actions that could have been taken, added together.
Elasticity
a. deals with percentage changes in price and quantity demanded. b. employs percentage changes calculated in terms of average values of the prices and quantities at issue. c. is generally stated in absolute value. d. All of the above are correct.
The "beauty premium" can be explained by the fact that
a. marginal productivity in all occupations has a physical dimension. b. in some occupations, physical attractiveness of workers may enhance the value of their marginal product. c. beauty acts as an implicit signal of innate intelligence. d. beautiful people are likely to reflect "good breeding."