--%>

Uncertainty and Decision-making

I have a problem in economics on Uncertainty and Decision-making. Please help me in the following question. The error of omission would be: (i) The failure of an individual to invest in Microsoft 20 years ago. (ii) Individual cheating on a test. (iii) The decision by Ford to manufacture the Edsel. (iv) Individual’s decision to drink and drive.

Choose the right option from the above.

   Related Questions in Microeconomics

  • Q : Why economic problems occur Why

    Why economic problems occur? Answer: This is due to unlimited or infinite wants and inadequate resources.

  • Q : Unitary price elasticity of demand The

    The output of RoboMaids consequent to the point where demand has unitary price elasticity is approximately: (i) 2,000 robots weekly. (ii) 4,000 robots monthly. (iii) 6,000 robots monthly. (iv) 10,000 robots monthly. (v) 13,000 robots monthly.

  • Q : Competition-Social Welfare problem The

    The purely competitive firm in the output market which hires from a purely competitive labor market will employ the labor at the point where VMP = W as the firm: (i) Operates in society's best interest. (ii) Wants to be quite fair to workers. (iii) Is egalitarian inst

  • Q : Untrue of an oligopoly This is untrue

    This is untrue of an oligopoly which: (i) only a few firms dominate a market. (ii) entry barriers may be important. (iii) economic profit are possible in the long run. (iv) no close substitutes exist for the product of any firm. (v) market power is sh

  • Q : Increasing demand for Complementary

    Can someone please help me in finding out the accurate answer from the following question. When tortilla chips go on sale for fifty percent off, then the demand for salsa is most probable to: (1) Stay similar. (2) Reduce. (3) Raise. (d) Raise only when salsa as well g

  • Q : Elasticity and profit maximization A

    A nondiscriminating monopolist cannot maximize profits through producing where demand: (w) price elastic. (x) price inelastic. (y) above marginal cost. (z) above marginal revenue. Can someone explain/help me with b

  • Q : Harmness of price discrimination Price

    Price discrimination generally harms: (w) all consumers and benefits firms along with market power. (x) all firms along with market power and benefits all consumers. (y) some consumers, when helping sellers and several other consumers. (z) all sellers

  • Q : Problem on double taxation The word ‘

    The word ‘double taxation’ signifies to: (i) The Corporation paying both the federal and state taxes. (ii) Corporations paying the corporate income tax and shareholders paying the personal income tax on dividends. (iii) Both partners in pa

  • Q : Estimate monthly total cost by

    When Robomatic Corporation maximizes profit within its production of RoboMaids, so its monthly total costs will be around: (i) $40 million. (ii) $65 million. (iii) $90 million. (iv) $105 million. (v) $130 million.

    Q : Define surplus budget Surplus budget:

    Surplus budget: When receipts of government are greater than its receipts, it is termed as surplus budget.