Who has a greater opportunity cost of leisure — a president of a major corporation or a babysitter?
The opportunity cost of leisure is higher for the corporate president than for the babysitter.
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What might be some of the causes and consequences of industrial concentration? Provide some examples
What will be an ideal response?
The marginal rate of transformation from good X to good Y:
A. is the sum of a firm's marginal products. B. is the ratio of a firm's marginal products. C. is the product of a firm's marginal products. D. is the difference between a firm's marginal products.
Tickets to the Indiana-Purdue basketball game are usually sold out far in advance of game day and many people are disappointed because they cannot see the game. This suggests
a. the price of the tickets must be higher than the equilibrium price because people consider them valuable b. the price is set below the equilibrium level c. the price is set above the equilibrium level d. there is no excess demand or supply e. the people deciding on what price to charge considered only the fixed capacity of the stadium
Differentiate between rational expectation and adaptive expectation using suitable examples