Based on the assumptions in the Application, should Rory hire a gardener or cut the weeds himself?
A) He should hire the gardener because he would save $800.
B) He should cut the weeds himself because he would save $1,000.
C) He should hire the gardener because he would save $1,000.
D) He should cut the weeds himself because he would save $200.
A
Economics
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An externality is a situation in which
A) private costs diverge from social costs. B) internal costs diverge from private costs. C) there are no social costs. D) the cost borne by the consumer is greater than the monetary price.
Economics
In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This creates a de facto
A) monopolist. B) monopsony. C) duopoly. D) bilateral monopoly.
Economics