As income levels rose moderately last year in the San Jose area, it was observed by local realtors that housing sales increased substantially. It is clear from this information that, everything else held constant, the income elasticity of demand for houses is _____

Leona and Bernie have committed a crime. If Leona denies committing the crime, Bernie can lower his penalty from 5 years to 2 years by confessing to the crime

If Leona confesses to the crime, Bernie can lower his penalty from 18 years to 7 years by confessing to the crime. Based on this information, we know with certainty that A) Bernie's dominant strategy is to deny the crime. B) Bernie has no dominant strategy. C) Bernie's dominant strategy is to confess to the crime. D) Bernie's dominant strategy is to confess to the crime only if Leona denies committing the crime.

Economic profit equals total revenue minus total

A) explicit costs. B) opportunity costs. C) implicit costs. D) accounting costs. E) entrepreneur's costs.