Refer to Table 3.2, which shows some costs and benefits of having your car repaired. Suppose your mechanic charges a non-refundable fee of $100 just for scheduling an appointment. What happens to the best choice of hours to spend on car repairs?
A. It increases by 1 hour.
B. It decreases by 1 hour.
C. It doesn't change.
D. It decreases by 2 hours.
C. It doesn't change.
Economics
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In the above figure, a rent ceiling of $500 per month would
A) not affect the equilibrium quantity. B) create a shortage. C) raise the rent and cause a surplus. D) reduce the rent and create a surplus.
Economics
What is meant by the "law of one price"? In discussing the law of demand, Hubbard and O'Brien claim there has been no evidence of an exception to the law (that is, no evidence of an upward-sloping demand curve)
Are there exceptions to the law of one price?
Economics