Which of the following is an an example of a sunk cost?
A. Jossie purchases a textbook online but returns it because it is the wrong edition.
B. Maria goes to a lunch vending machine to get a quick snack. In her haste, she mistakenly pushes the wrong buttons and gets a wheatgrass sandwich instead of hot pocket she was craving.
C. Kenny's new smartphone stops working, but it is still under warranty, so he is able to have it repaired at no cost.
D. Antonio goes to the movies. After the opening credits, he realizes he is in the wrong theater. He informs the manager and is able to get a refund.
Answer: B. Maria goes to a lunch vending machine to get a quick snack. In her haste, she mistakenly pushes the wrong buttons and gets a wheatgrass sandwich instead of hot pocket she was craving.
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The long-run Phillips curve indicates that
A) potential GDP can never be achieved. B) there is no way to control the inflation rate in the long run. C) any inflation rate is possible at the natural unemployment rate. D) any unemployment rate is possible at the natural inflation rate. E) there is a tradeoff between the inflation rate and the unemployment rate in the long-run.
What is the effect on the price and quantity of a product if the demand decreases and the supply simultaneously increases?
What will be an ideal response?