Buyers who are persuaded to take a product home to try it out, _____
a. are likely to return the product later
b. are lucky the seller is not concerned about the buyers' credit ratings
c. will not derive any utility from that product.
d. have no money to pay at the time
e. will be reluctant to return the product when payment is due
e
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
What do people try to achieve when they make a decision under uncertainty?
What will be an ideal response?
On January 12, 2011, one U.S. dollar was worth 0.78 euros. How many U.S. dollars did it take to buy one euro?
a. 0.78 b. 1.28 c. 1.43 d. 1.70
In the consumer-choice model, the economist examines how the consumer's purchases change when there is a change in prices or income. Which stage of economic analysis is this procedure a part of?
a. Formulation. b. Optimization. c. Equilibrium. d. Economic dynamics.