Which of the following factors will help determine how the costs of social regulation are split between consumers and producers?
a. The price elasticities of demand and supply
b. The quantity produced by the firm
c. The average total costs of the firm before regulation
d. The number of consumers in the market
e. The number of producers in the market
a
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After a decision is completed (particularly a consumer decision) and is being evaluated, _______ may happen
a. Postpurchase dissonance b. Alternative sorting c. Recriminations d. Retaining the status quo
You decided to take a college accounting course to brush up on your knowledge of the language of business. The tuition expense was $500. After the date has expired to receive a refund for the course, you are offered a job that would conflict with your class time. In making the decision to accept or decline
A. the opportunity cost of the job. B. the expected gain in pay from taking the accounting course. C. a sunk cost. D. a sunk benefit.
An example of moral hazard is
a. A taxi driver paid per mile taking the shortest route b. a piece-rate garment worker shirking more than a per jour worker c. an hourly salesman working less hard than a commission salesman d. an author on contract going to as many book signings as one with a percentage royalty rate
Consider the following payoff matrix facing Harry and Sally when each chooses to go to the coffee shop listed. Both Harry and Sally would like to meet each other but are shy about asking the other out on a date. Harry StarbucksDunkin DonutsSally StarbucksH: 1, S: 1H: 0, S: 0 Dunkin DonutsH: 0, S: 0H: 1, S: 1If Harry and Sally go to the coffee shop every day, what is Harry's best strategy?
A. Stay at home. B. Randomly choose between the two shops and hope Sally will end up there too. C. Harry has no best strategy. D. Choose one shop to go to and keep going to it.