A "winner-takes-all market" like that for entertainers exhibits huge differences between the top talents and the next tier of artists in all of the following aspects, except:
A. Marginal revenue product
B. Talent
C. Earnings
D. Media hype
B. Talent
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In economics, we observe that people consistently make irrational decisions in certain situations and choose to do something even if:
A. the benefits outweigh the opportunity costs. B. the opportunity costs outweigh the benefits. C. the benefits outweigh the sunk costs. D. the sunk costs outweigh the opportunity costs.
If a person is earning $80,000 per year as a dentist and could earn at most $45,000 per year doing something else, his transfer earnings are ____, whereas his economic rent is ____
a. $45,000 . $35,000 b. $80,000 . $45,000 c. $45,000 . $80,000 d. $80,000 . $35,000 e. $35,000 . $45,000
Successful entrepreneurs
What will be an ideal response?
The cross-price elasticity of demand between bananas and apples is most likely:
A. positive. B. negative. C. zero. D. More information is needed to determine.