If an economist believes that choice architecture is important, he or she is more likely to be a:
A. Keynesian economist.
B. traditional economist.
C. formal economist.
D. behavioral economist.
Answer: D
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Consider a market with just one firm. The demand in the market is p = 18 – Q and the firm has a linear cost function C(Q) = 2Q
a. How much output will this firm produce. What will be the profit and consumers surplus? b. Suppose a second firm with the same cost function enters the market and the two firms compete in a Cournot style (simultaneous output choice). What will be the equilibrium price and quantity in the market? What is the total market profit and CS?
A business organization that employs resources to produce goods and services for profit is
A) economic rent. B) a firm. C) inside information. D) the opportunity cost of capital.
A conservative philosophy of land distribution would not support which of the following?
a. High minimum acreage rules for people buying land b. High minimum prices for land c. Credit payments for the land
A fact based on observable phenomenon that is not influenced by differences in personal opinion is called
a. an objective concept. b. a subjective concept. c. an unintended consequence. d. ceteris paribus.