Typically, in towns and villages across the Midwest, bowling alleys are one-story buildings. In Manhattan, one is more likely to bowl in alleys found in multi-story high rises. How would the economic way of thinking explain this?
What will be an ideal response?
The opportunity cost of building single-story bowling alleys in Manhattan is too high.
Economics
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According to the CPI basket, the largest item in the households' budgets is
A) apparel. B) education. C) food. D) transportation. E) housing.
Economics
Joe consumes crawfish and shrimp. His utility function exhibits diminishing marginal utility of crawfish but the marginal utility of shrimp is constant. Will Joe's indifference curves be convex?
What will be an ideal response?
Economics