Neoclassical economics does not hold which of the following assumptions?
A. People are fundamentally rational
B. People can make errors initially, but they learn quickly
C. People's errors are random and rare
D. People make regularly-repeated mistakes
D. People make regularly-repeated mistakes
Economics
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In the above figure, Jill's opportunity cost of producing 1 gallon of soda is ________ of bottled water
A) 2 gallons B) 1/4 of a gallon C) 4 gallons D) 1/2 of a gallon E) 1 gallon
Economics
When economists speak of normal goods they mean goods for which
A) the demand curve slopes downward. B) marginal utility is positive. C) marginal utility decreases as consumption increases. D) demand decreases when incomes fall.
Economics