Which of following is not an important category of bias in human decision making?
A. Limited processing power.
B. Reluctance to change.
C. Single-mindedness.
D. Temptation.
Answer: C
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Explain the differences between a market system, a command economy, and a mixed economy with respect to production and distribution decisions
What will be an ideal response?
The demand for a service like medical care
a. decreases as income increases, indicating that medical care is an inferior good b. is completely insensitive to price; that is, demand is perfectly inelastic c. is perfectly elastic d. is sensitive to the time component of cost e. varies directly with the price of that care
Marginal revenue equals the change in total revenue that is earned by selling one more unit of output
a. True b. False Indicate whether the statement is true or false
Profit is maximized at the output at which marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false