Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. The relative price of milk is
A) 2 slices of pizza per quart.
B) 0.5 slices of pizza per quart.
C) $2 per quart.
D) 0.5 quarts per slice of pizza.
B
Economics
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Some pet owners are using an "invisible fence" to keep their animals from straying. Every time the animal steps over the edge of the property, it gets a mild shock. A social scientist would call the shock
A) a bribe. B) a reward. C) a disincentive. D) a normative incentive.
Economics
The free rider problem causes less than optimal production of a public good.
A. True B. False C. Uncertain
Economics