In considering consumers' attitudes toward fairness, which of the following have economists found to be true?
a. People are interested mainly in making themselves as well off as possible.
b. People attempt to treat others fairly, even if doing so makes them worse off financially.
c. People attempt to treat others fairly, but only if doing so makes them better off financially.
d. People usually ignore fairness when making spending decisions.
b. People attempt to treat others fairly, even if doing so makes them worse off financially.
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On the supply side of the labor market, the union's success is limited by how much
A) nonunion labor is available in the same market. B) employment union members will accept. C) capital the firm utilizes. D) all of the above
The traditional view of monopolistic competition holds that this type of industrial structure is inefficient because
a. there are too few firms to reach an efficient level of production. b. firms do not operate at the output that minimizes average costs. c. more advertising is needed to inform customers about product differences. d. consumers do not have enough choice among the product varieties available.
The uncertainty about the return an asset will earn is
A) liquidity. B) risk. C) time to maturity. D) stochastic dominance.
The minimum acceptable price for a product that producer Sam is willing to receive is $15. The price he could get for the product in the market is $18. How much is Sam's producer surplus?
A. $45 B. $270 C. $33 D. $3