The equilibrium price and quantity in a free market usually reflect private marginal costs and benefits, not social ones

Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because

a. it was not produced for the marketplace b. it is an intermediate good that Susie will process further before feeding her family c. goods produced using land are not included in GDP d. the corn has low value e. it reduces the amount of corn she will buy at the store

People consistently consider sunk costs when weighing the trade-offs involved in a decision because:

A. they are rational. B. they think at the margin. C. they find it hard to accept their losses. D. they are utility-maximizers.