In which of the following situations would using a rule of thumb be most appropriate?
a. You are late for an important job interview and have to grab lunch at a restaurant you have never been to before.
b. You are purchasing a home as a first-time homebuyer and realize you don’t have much information to go on.
c. You are researching software options for a new startup and have access to expert opinions.
d. You are weighing the marginal utility of entering the workforce versus seeking a postgraduate degree.
a. You are late for an important job interview and have to grab lunch at a restaurant you have never been to before.
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When playing a game in which players are in direct competition with one another, it is best to ________ a pure strategy because the strategy is ________
A) use; predictable B) use; unpredictable C) avoid; predictable D) avoid; unpredictable
A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $100,000 per year. If he is telling the truth, how much is he being paid in economic rent?
A) $2.0 million B) $100,000 C) $1.9 million D) $2.1 million
Which of the following observations is true? a. Monopolistically competitive sellers are price takers
b. Monopolistically competitive sellers treat price in the same manner as in perfect competition. c. Monopolistically competitive sellers regard price as a given by market conditions. d. Monopolistically competitive sellers are price makers.
Refer to the graphs shown.
The maximum profits that an efficient monopolist that produces a profit-maximizing quantity could earn is best shown by the area:
A. A in graph (1). B. A + B in graph (1). C. C in graph (2). D. C + D in graph (2).