A customer at an auction who obtains an antique chair by outbidding several other prospective purchasers
A) may be paying more than the opportunity cost of obtaining the chair.
B) pays a price other than opportunity cost.
C) pays more than its real cost of his bid exceeds the original cost of the chair plus the cost of running the auction.
D) pays the opportunity cost of the last disappointed bidder.
D
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Behavioral economics helps explain why customers ________ at J.C. Penney
A) responded negatively to both sales and coupons and the policy of everyday low prices B) were equally happy with sales and coupons and the policy of everyday low prices C) favored the policy of everyday low prices and not sales and coupons D) favored sales and coupons and not the policy of everyday low prices
In macroeconomics, equilibrium is defined as the point at which:
a. the economy attains the highest level of GDP. b. there is no unemployment in the economy. c. people's plans match the reality. d. there is high inflation and unemployment in the economy. e. there is no inflation in the economy.