A consumer who pays extra to shop at an IGA grocery store and avoid Walmart exhibits a
A. "pathologically-irrational preference."
B. systematically inefficient decision-making ability.
C. "revealed preference."
D. compulsive behavior.
Answer: C
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Which of the following is a consequence of extending the payback period of a student loan from 10 to 30 years?
A) higher monthly payments B) more interest paid over the life of the loan C) faster payoff of principal D) lower monthly payments initially, but higher monthly payments in the future
Refer to the above payoff matrix for the profits (in $ millions) of two firms (A and B) and two pricing strategies (high and low). Which of the following is the outcome of the dominant strategy without cooperation?
A) Both firm A and firm B choose the high price. B) Both firm A and firm B choose the low price. C) Firm A chooses the low price while firm B chooses the high price. D) Firm A chooses the high price while firm B chooses the low price.
Look at the above figure. A union wishes to maximize wage income for employed union members, so it should aim for a wage rate ________ and a number of employed members equal to ________
A) W1, Q3 B) W2, Q2 C) W3, Q1 D) W4, Q3
Pork from pigs can be used to produce bacon or sausage, but not both. If the price of bacon falls for some reason, then, everything else equal: a. the price of sausage will rise
b. the price of sausage will fall. c. the resources used to raise pigs will become more expensive. d. the demand for bacon will increase.