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Author Question: If a factory has a short-run capacity constraint (e.g., an auto plant can only produce 800 cars per ... (Read 66 times)

RYAN BANYAN

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on: Jul 1, 2018
If a factory has a short-run capacity constraint (e.g., an auto plant can only produce 800 cars per day at maximum capacity), the marginal cost of production becomes ________ at the capacity constraint.
 
  A) infinite
  B) zero
  C) highly elastic
  D) less than the average variable cost

Question 2

What would best explain why a generally risk-averse person would bet 100 during a night of blackjack in Las Vegas?
 
  A) Risk aversion relates to income choices only, not expenditure choices.
  B) Risk averse people may gamble under some circumstances.
  C) The economics of gambling and the economics of income risk are two different things.
  D) Risk-averse people attach high subjective probabilities to favorable outcomes, even when objective probabilities are known.


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jordangronback

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


RYAN BANYAN

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Reply #2 on: Jul 1, 2018
Correct answers!


jordangronback

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Reply #3 on: Jul 1, 2018
Great! Please up vote :D


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