Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive the highest payoff by
A) going to the park.
B) going to the beach.
C) You will receive the same payoff whether you choose the beach or the park.
D) You cannot determine your highest payoff from the data in the figure.
C
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The income effect refers to the impact of a change in
a. income on the price of a good b. the general price level caused by a change in the price of another good c. the price of a good on real income d. the price of a substitute for the good under consideration e. demand when income changes
Which of the following outstanding debts should Jillian pay off first?
A) A three year loan of $5,000 at 0 percent a year from her mom. B) A $2,000 debt on a credit card charging 18 percent annually. C) A home equity loan of $10,000, which has an effective rate of 6 percent after her tax advantages are taken into account. D) A student loan of $40,000 with a fixed rate of 4 percent.