Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact:
A. is an example of irrational behavior.
B. implies that electronic media sources are displacing print sources for many consumers.
C. contradicts the economic perspective.
D. implies that, for most people, the marginal benefit of reading a second newspaper is less
than the marginal cost.
Answer: D
Economics
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In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.
Economics