The fact that people are willing to pay much more for a diamond, which is not needed for survival, than they are willing to pay for a cup of water, which is needed for survival, is an example of irrational behavior.

Nick insists on consuming 3 times as much of y as he consumes of x (so he always has y  3x) .He will consume these goods in no other ratio.The price of x is 2 times the price of y.Nick has an endowment of 20 x's and 75 y's which he can trade at the going prices.He has no other source of income.What is Nick's gross demand for x?

A) 21
B) 115
C) 23
D) 95
E) We can't determine the answer without knowing the price of x.

An invasion of spiders and other pests into rental homes at the prestigious 2Zero8 gated apartment complex may amount to a constructive eviction.

A payment bond protects the buyer against liens that might be granted to suppliers of material and labor to the bidder,in the event the bidder does not make proper payment to its suppliers.

Which of the following concepts is not included in the study of macroeconomics?

A) The unemployment level
B) The inflation rate
C) The real income
D) The profit-maximizing condition
E) The role of government

Well-defined property rights:

A) can allow for mutually beneficial trades.
B) will result in government regulation.
C) often result in more market failures.
D) lead to more centralized decision making.