You Are More Likely to Do-It-Yourself Than Hire a Plumber

question 32

Multiple Choice

You are more likely to do-it-yourself than hire a plumber to repair a leaky drain pipe

• A)as the tax rate on your earned income dramatically decreases
• B)if the opportunity cost of your time decreases
• C)the less knowledge and experience in plumbing repair work that you possess
• D)if you already own the specialized tools required to complete the repair work
• E)as the transaction cost of the do-it-yourself repair work increases

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Definitions:

Own Traits

Personal characteristics or attributes that define an individual's unique identity or personality.

Self-Fulfilling Prophecy

A forecast that, through a cycle of belief influencing actions, becomes a reality because of the positive reinforcement between what is believed and how one behaves.

Expectations

Beliefs or forecasts about future events or behaviors based on past experiences or societal norms.

Behavior

The behavior or response of people or groups when they encounter stimuli that are either internal or external.