A movie costs you and your friend $15 each. After one hour of watching the movie, you have struggled to stay awake while your friend has been on Facebook and is also bored with the movie. You suggest that you and your friend leave the movie and go to the park. Your friend responds by stating that he is not going to waste his $15 that was previously spent on the movie. Your friend is considering:
A. an opportunity cost of the movie.
B. the marginal benefit.
C. the sunk cost.
D. Total costs
Answer: C
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When your grandfather keeps a bundle of $100 dollar bills behind a brick in the basement, this is an example of dollars serving as:
A. a store of value. B. a medium of exchange. C. bank reserves. D. a unit of account.
Which of the following statements about the Sherman Act is CORRECT?
A) The Sherman Act was the second federal antitrust law. B) The Sherman act legalized monopolization if the company behaved "reasonably" once it became a monopoly. C) The Sherman Act outlawed natural monopolies. D) The Sherman Act made restriction of interstate trade illegal.
According to the economics of exhaustible resources, if the interest rate increases,
A) an exhaustible resource will be used up sooner. B) an exhaustible resource will be used up over a longer period of time. C) the period of time until an exhaustible resource is used up will not change. D) none of the above
A monopolist charges a price that is ________ and produces ________ than a perfect competitor
A) lower; less B) higher; less C) higher; more D) lower; more