Suppose that Richard has just told you that he would not pay more than $100 dollars for one of his favorite baseball cards. You offer to give him $110 dollars for his card and he refuses. What consumer choice theory or effect explains this result?
A) the endowment effect
B) bounded rationality
C) bounded self-interest
D) bounded will power
A
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As shown in the figure above, the rent ceiling
A) decreases consumer surplus. B) increases producer surplus. C) decreases deadweight loss. D) increases the quantity of housing rented. E) is efficient.
Which of the following statements about the FDIC is untrue? a. The FDIC helps prevent bank failures. b. The FDIC was created after the surge in bank failures in the 1980s. c. The FDIC is a government agency. d. The FDIC will reimburse depositors for their losses up to $100,000 per demand deposit account
e. The FDIC conducts bank audits and examinations.
Professional baseball teams in the United States use only wooden bats. If aluminum bats were permitted, the likely result would be a
a. shift in the supply curve for aluminum bats. b. shift in the supply curve for wooden bats. c. change in the quantity supplied of aluminum bats. d. persistent shortage of aluminum bats.
Two products that are usually consumed jointly would be referred to as
a. substitutes. b. complements. c. inferior goods. d. unrelated goods.