Answer the following questions true (T) or false (F)
1. A common mistake made by consumers is the failure to take into account the monetary costs of their actions.
2. One reason college students do not study enough to get high grades is that they are unrealistic about their future behavior.
3. A sunk cost is a cost that has already been paid and cannot be recovered.
1. FALSE
2. TRUE
3. TRUE
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If a competitive market were allowed and developed for human organs, then the price for organs would:
A. Increase and the quantity of organs available would decrease B. Decrease and the quantity of organs available would increase C. Increase and the quantity of organs available would increase D. Decrease and the quantity of organs available would decrease
Assess the arguments for and against patents in terms of creative destruction
What will be an ideal response?