If it is cheaper in the long-run to use a new metal plow that lasts a long time than an inferior wooden plow that needs to be replaced often, then this is an example of:

For a firm, its labor costs are

A) a marginal benefit. B) a private cost. C) an external cost. D) Both answers A and C are correct. E) Both answers A and B are correct.

Mr. Smith wants to buy a house in a certain neighborhood that he thinks is ideal for an elderly, single man like himself

However, before buying the house, he consults his friend who lives in the same neighborhood and thinks that it is the ideal place for him. This is an example of a(n) ________. A) confirmation bias B) attenuation bias C) attentional bias D) distinction bias