Author Question: Which of the following is a common mistake made by consumers? A) taking into account the implicit ... (Read 47 times)

s.tung

  • Hero Member
  • *****
  • Posts: 577
Which of the following is a common mistake made by consumers?
 
  A) taking into account the implicit costs of an activity
  B) being overly optimistic about their future behavior
  C) being overly pessimistic about their future behavior
  D) ignoring sunk costs

Question 2

In contrast with perfect competition, excess capacity characterizes monopolistic competition. Excess capacity is due to which of the following?
 
  A) Monopolistically competitive firms face downward-sloping demand curves. In the long run, firms produce where their demand curves are tangent to their long-run average total cost curves.
  B) Monopolistically competitive firms produce at the minimum point on their average total cost curves.
  C) Monopolistically competitive markets have low barriers to entry.
  D) Monopolistically competitive firms produce where marginal revenue is equal to marginal cost.


lorealeza77

  • Sr. Member
  • ****
  • Posts: 356
Answer to Question 1

B

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

For a complete list of videos, visit our video library