Nominal values are measured in
a. constant prices.
b. dollars.
c. actual prices.
d. highest prices.
c. actual prices.
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The figure above shows the demand and marginal revenue curves facing Sue's Surfboards, the sole renter of surfboards on Big Wave Island. If Sue is renting 25 surfboards an hour so that the marginal revenue is negative, then Sue's Surfboards
A) can increase its profit by increasing the number of rentals. B) must face an inelastic demand for surfboard rentals. C) must face a unit elastic demand for surfboard rentals. D) must face an elastic demand for surfboard rentals.
Jamal maximizes utility by allocating his time among leisure, market work, and household work so that
a. expected marginal utility is equal among all three b. expected total utility per hour is equal among all three c. expected marginal utility per hour is equal among all three d. the maximum amount of goods and services can be acquired e. expected total utility of each use is equal
Disclosing information in more usable ways to decision-makers:
A. can nudge people toward making better decisions. B. effectively eliminates certain choices from a person's options. C. will never affect a person's decision. D. increases instances of rational ignorance.
In the context of insurance, everyone typically has to pay a higher premium because of:
A. risk aversion. B. adverse selection. C. diversification. D. risk pooling.