Corey is having difficulty deciding between two dishwashers, A and B. As shown in the accompanying diagram, A makes more noise than B, but is cheaper. Ideally, Corey would like a dishwasher that is both quiet and inexpensive.
If Corey behaves like most decision-makers, then the addition of option C would:
A. increase his likelihood of picking B.
B. decrease his likelihood of buying a dishwasher.
C. increase his likelihood of picking A.
D. have no impact on his choice of A and B.
Answer: C
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The social interest theory of regulation predicts that the political process will seek to minimize
A) producer surplus. B) consumer surplus. C) total surplus. D) deadweight loss.
If Sail Away has 15 percent of the market share, Easy Sails has a 30 percent market share, and Big Sails has a market share of 40 percent, according to Chinese law, which of the firm(s) is considered to be a dominant firm?
A) Sail Away, Easy Sails, and Big Sails B) Easy Sails, but not Sail Away or Big Sails C) Big Sails, but not Sail Away or Easy Sails D) Big Sails and Easy Sails, but not Sail Away
Which of the following does the production possibilities curve illustrate?
a. The tradeoffs facing a society b. The fact that more of one product can be produced only by reducing the quantity of other products that are being produced, assuming that resources are being used efficiently c. The maximum output that can be produced with a limited amount of resources d. The opportunity cost of alternative choices e. All of these
Which of the following can be considered an injection into an economy?
a. Imports b. Investment c. Aid to foreign countries d. Saving e. Taxes