All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:
A. a lower opportunity cost of driving farther to work.
B. a higher opportunity cost of taking the day off work.
C. the same opportunity cost of spending time on leisure activities.
D. a higher opportunity cost of working an additional hour.
Answer: B
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Refer to the scenario above. If there is fairness penalty of $12, ________
A) this game will no longer have a Nash equilibrium B) this game will have two Nash equilibria C) Nash equilibrium will occur when both of you choose "friend" D) Nash equilibrium will occur when both of you choose "foe"
If a borrower and a lender agree on a long-term loan at a nominal interest rate that is fixed over the duration of the loan, how will a higher-than-expected rate of inflation impact the parties if at all?
What will be an ideal response?