Based on the model, the competitive price level is
Consider the following model for the production of refined oil: MSC = 10 + 0.5Q; MEC = 0.3Q;
MSB = 30 – 0.3Q; MEB = 0.
a. PC = $18 b. PC = $20 c. PC = $25 d. PC = $40
a. PC = $18
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An example of human capital would be
A. A computer. B. A carpenter's saw. C. Carpentry skills. D. All of the choices are correct.
Automatic stabilizers:
A. minimize fluctuations in the economy. B. must be authorized by the President. C. decrease taxes during expansions. D. increase welfare payments during expansions.
(Consider This) When making a capital stock and reservoir analogy, the:
A. outflow below the dam is the stock of capital. B. inflow from the river is gross investment. C. level of water in the reservoir is depreciation. D. level of water in the reservoir is net investment.
Behavioral game theory assumes
A) people act rationally. B) people are subject to biases that cause them to act irrationally. C) that people behave differently when playing games than when "playing for real." D) people optimize using all available information.