A consumer purchases a book by driving across town to a bookstore, standing in line for five minutes to pay the cashier, and then pays $5. The same book is purchased by another consumer who spends 2 minutes placing the order over the Internet for $10. The book necessarily cost the first consumer less

Indicate whether the statement is true or false

False. The opportunity cost of driving across town and standing in line may have raised the total cost of the book to the first consumer to more than $10.

Economics

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In the non-strategic sequential labor negotiation game:

a. The ability to commit to a strategy gives you an advantage b. The ability to commit to a strategy gives your opponent an advantage c. The ability to commit to a strategy is irrelevant d. Players should simply not commit to a strategy to obtain an advantage

Economics

Estimates of the values of which of the following non-market goods or services are included in GDP?

a. unpaid housework but not the rental value of owner-occupied homes. b. the rental value of owner-occupied homes but not unpaid housework. c. unpaid housework and the rental value of owner-occupied homes. d. Neither unpaid housework nor the rental value of owner-occupied homes.

Economics