A rational choice is one that
A) must be made with perfect information.
B) is made in the social interest rather than the self-interest.
C) creates no costs for the decision maker.
D) always turns out for the best for the decision maker.
E) uses the available resources to most effectively satisfy the wants of the person making the choice.
E
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A firm finds that it can produce several different goods at a lower average cost by using some of the same production facilities than it could if it produced each of the goods with separate production facilities. This firm is
A) gaining economies of scope. B) gaining economies of team production. C) gaining economies of scale. D) incurring diseconomies of scale.
"The social cost of a monopoly comes from the fact that it charges a price higher than what consumers are willing to pay." Do you agree or disagree? Why?
What will be an ideal response?
Over the last 50 years, has the ratio of household production to gross domestic product in the United States increased or decreased? Consider the effect of the increased number of women working outside the home, and the effect of advances in technology
in household production such as microwaves, coffee makers, power tools, etc. What will be an ideal response?
Suppose you take a trip during spring break. To determine the benefit of taking the trip, you
A) calculate the opportunity cost of the tri