Jayanthi moves her yoga studio from her home to a space she rents in Oakland, California. Holding everything else constant, as a result of this move
A) her implicit cost falls and her explicit cost rises. B) her opportunity cost rises.
C) her economic cost rises. D) her explicit cost falls and her implicit cost rises.
A
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The production possibilities curve bows out because
A) production is efficient. B) of the law of increasing additional cost. C) production is inefficient. D) resources are not being fully utilized.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the probability of drawing a blue marble in the first game?
A. 25 percent B. 20 percent C. 50 percent D. 75 percent