The Condorcet paradox implies that the order in which items are voted on under majority rule is unimportant
a. True
b. False
Indicate whether the statement is true or false
False
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You offer an extended warranty for your product that is purchased by a few customers. If the product typically fails 2% of the time, the claim rate will exceed 2% of warranty purchasers because
a. adverse selection will lead those who are more reckless to purchase the warranty b. moral hazard will lead those who purchase to be more reckless c. you systematically underestimate product failure rates d. Both A&B
If a firm in perfect competition charges the market price of $14, then its
a. MR = $14 and its AR < $14 b. MR = $14 and its AR > $14 c. AR = $14 and its ATC = $14 d. AR = MR = $14 e. ATC = MC = $14
Refer to Table 5.1. What is Andrea's opportunity cost of producing one bracelet?
A) 1/6 of a tiara B) 2/3 of a tiara C) 6 tiaras D) 7.5 tiaras
Which of the following statements is true?
A) Economics is concerned with money, not choices. B) Economics can be used to predict people's actions. C) Economics does not provide insights into human behavior. D) Economic reasoning tends to reduce the quality of decision making.