A rational choice is ___________
A. the best thing you must forgo to get something
B. what you are willing to forgo to get something
C. made by comparing marginal benefit and marginal cost
D. the best for society
C Answer C is part of description of a rational choice on pages 8 and 9.
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Changes in which of the following shift the short-run Phillips curve?
i. changes in the natural unemployment rate ii. changes in the expected inflation rate iii. changes in the inflation rate A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
Price discrimination exists when
A) a firm charges different buyers different prices for its product but the costs are the same. B) each buyer is treated equally. C) sales are made below cost. D) a firm charges each buyer a price of the product in proportion to its costs.