Juanita is preparing to study for her economics final exam. She tells her friend that she will be happy if she just gets a B, even though she could likely earn an A if she studied harder. Juanita is what Herbert Simon would call a
a. rational maximizer.
b. satisficer.
c. homo economicus.
d. screener.
b
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For a firm to maximize total profits through price discrimination, it should
a. charge a low price to high-value consumers and a high price to low-value consumers b. charge a high price to high-value consumers and a high price to low-value consumers c. charge a low price to high-value consumers and a low price to low-value consumers d. charge a high price to high-value consumers and a low price to low-value consumers
A bank can decrease the degree of moral hazard if it
a. Monitors the borrowers behaviors b. Placing covenants on the loan c. Both of the above d. None of the above
When there is no Equilibrium (or no Nash Equilibrium), we expect that:
a. the firms end up in the cooperative strategy. b. a firm will follow a randomized strategy. c. a firm will not care what it does. d. a firm will very likely have a dominant strategy.
Factors of production are resources used in the consumption of goods and services
Indicate whether the statement is true or false