Grocery stores often place items people buy on impulse at the checkout lane. This is an example of:
A. irrational behavior.
B. price fixing.
C. choice architecture.
D. government intervention.
Answer: C
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When a nation's currency depreciates, the country might
A) have an inflation rate that exceeds the inflation rate in nations with which it trades. B) have an inflation rate below the inflation rate in nations with which it trades. C) be responding to an increase in the demand for its currency. D) be responding to a decrease in the domestic demand for foreign currencies.
For a monopsony, the labor supply curve
A) lies above the MCL curve. B) is the same as the MCL curve. C) lies below the MCL curve. D) is the same as the labor demand curve.
Which of the following is a characteristic of a sunk cost? a. It cannot be recovered
b. It affects current business decisions. c. It is variable over time. d. It affects marginal costs.
Explain how microeconomics is different from macroeconomics.
What will be an ideal response?