A person setting up automatic deductions through her employer so a portion of her pay goes into a "Christmas account" is an example of:
A. status quo bias.
B. positive framing.
C. the endowment effect.
D. a commitment device.
Answer: D
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Refer to the table above. What is the marginal revenue of the monopolist when it sells 400 units of its product?
A) $2 B) -$2 C) $3 D) -$3
Price elasticity of demand is the responsiveness of
A) the quantity demanded to a change in price. B) demand to a change in supply. C) demand to a change in income. D) demand for a good to a change in the demand for another good.
Which of the following is true about a monopolistically competitive firm?
a. It can earn an economic profit in the short run, but not the long run. b. It can earn an economic profit in the short run and the long run c. It can earn an economic profit in the long run, but not the short run d. It cannot earn an economic profit in either the short or long run
(Last Word) A caller to a radio talk show states that protesters against globalization are a collection of "anarchist punks, naïve college students, and trade union radicals." This is an example of
What will be an ideal response?