The ________ states that things with the greatest value in use frequently have little or no value in exchange.
A. diamond/water paradox
B. law of reverse exchange
C. utility conundrum
D. law of diminishing marginal utility
Answer: A
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Explain why choices respond to incentives and think of three incentives to which you have responded today
What will be an ideal response?
A deductible is the
A. amount of covered expense that an individual will have to pay before the insurance company pays anything. B. percentage of a covered expense that an individual will have to pay. C. amount of covered expense that an insurance company will have to pay before the individual pays anything. D. percentage of a covered expense that an insurance company will have to pay.
The percentage change in quantity supplied that results from a 1 percent change in price is known as the:
A. slope of the supply curve. B. cross-price elasticity of supply. C. cross-price elasticity of demand D. price elasticity of supply
Which of the following is not characteristic of perfect competition?
a. many buyers and sellers b. brand name advertising c. standardized products d. fully informed buyers and sellers e. free entry and exit of firms