In economics, we observe that people consistently make irrational decisions in certain situations and choose to do something even if:
A. the benefits outweigh the sunk costs.
B. the benefits outweigh the opportunity costs.
C. the opportunity costs outweigh the benefits.
D. the sunk costs outweigh the opportunity costs.
Answer: C
Economics
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Refer to Figure 7-3. With a quota in place, what is the quantity supplied by domestic producers?
A) 16 million pounds B) 18 million pounds C) 28 million pounds D) 34 million pounds
Economics
Economists use the term imperfect competition to describe:
A. all industries that produce standardized products. B. any industry in which there is no nonprice competition. C. a pure monopoly only. D. those markets that are not purely competitive.
Economics