Refer to the scenario above. If Jill values fairness, ________
A) she will not accept any offer made by Jack
B) Jack should make the lowest possible offer to Jill
C) she will accept the offer when Jack offers $25
D) Jack should not play the game
C
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The production possibilities frontier illustrates
a. the fundamental fact of scarcity. b. the opportunity cost of acquiring more of one good. c. maximum output utilizing all resources efficiently. d. All of the above are correct.
John wants to buy a new television set. He can either buy it in the US and pay $1200 or buy it in Canada and pay CAD$1300 . At the exchange rate of 1CA$=US$0.92, ignoring any other costs, he would
a. Prefer buying in the US b. Prefer buying in Canada c. Be indifferent about where he buys his television d. None of the above
Define the following terms completely and concisely
a. marginal revenue b. average revenue c. optimal decision d. satisficing e. marginal profit
Under perfect competition
A. economic profits are greater than accounting profits. B. the most efficient output is always the most profitable level of output. C. the firms demand and marginal revenue curves are equal only in the short run. D. economic profits are always zero in the long run.