After browsing several pairs of shoes, Bob buys a pair of Nike running shoes. Economists would say that:
A. Bob is revealing his strong distaste for New Balance running shoes.
B. Bob is revealing he will always choose Nike over any other shoe brand.
C. Bob will get more utility per dollar from the Nike running shoes than any other in the store.
D. Bob made a poor choice, if he really prefers Adidas.
C. Bob will get more utility per dollar from the Nike running shoes than any other in the store.
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An analysis of the American economy since 1960 shows that there is a stable relationship between inflation and unemployment
A) only in the short run. B) only in the long run. C) in neither the short run nor the long run. D) in both the short run and the long run.
Which of the following events would increase the unemployment rate, if nothing else changed?
A. Unemployed workers become employed B. Workers from outside the labor force become employed C. Employed workers leave the labor force D. Unemployed workers leave the labor force