When looking back on past choices, some people feel they should have exercised more and eaten less. The fact that they could not make that choice at that point in time is an example of less than optimal choices resulting from the:
A. fact that the benefits and costs of choices are separated by time.
B. complicated nature of the choice.
C. market system within which we make choices.
D. fact that we don't make food and exercise choices very frequently. D. market system within which we make choices.
Answer: A
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The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10
If he receives $12 for each MP3 player he sells from the store owner and the store owner controls the quantity of MP3's available for sale, then A) 40 MP3 players will be sold. B) joint profit is $798. C) joint profit will be maximized. D) Nick will sell as many as he can.