The term "satisficing" for decision-making behavior by many firms was coined by

a. Milton Friedman.
b. Adam Smith.
c. Herbert Simon.
d. Alan Greenspan.


c

Economics

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A movement from a point inside the production possibilities frontier to a point on the production possibilities frontier represents

A) a tradeoff. B) a free lunch. C) full employment of labor but not capital. D) unemployment of labor but not capital. E) an infinite opportunity cost.

Economics

In the figure below, if the market is a monopoly rather than perfectly competitive, the deadweight loss equals ________.



A) area A.
B) area B.
C) area C.
D) area A + area B.

Economics

Any supply curve that is a straight line passing through the graph's origin is unit elastic

a. True b. False

Economics

The law of increasing costs states that the opportunity cost of producing a good increases as more of the good is produced

Indicate whether the statement is true or false

Economics