Some modern theories of consumer behavior have:

A) emphasized that consumption is basically an instantaneous act.
B) contended that in the MUx/Px = MUy/Py equation MU is understated for time-intensive goods.
C) introduced the opportunity cost of time as a component of product price.
D) argued that inflationary expectations negate the theory of consumer behavior.


Answer: C) introduced the opportunity cost of time as a component of product price.

Economics

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Based on the information in the table above, what is the relationship between x and y?

A) direct B) inverse C) positive D) No relationship exists between x and y.

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Generally, when there is asymmetric information

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Land rent results from

a. differences in the productivity of land b. equality in the marginal physical product of different acres of land c. landlords demanding a rent higher than the price of land use d. differences in land distance from the marketplace e. the difference between differential and location rents

Economics