A "satisficer" is a person whose decision making is the same as that predicted by mainstream economic models
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following demonstrates marginal thinking? a. Deciding to never eat meat
b. Deciding to spend one more hour studying economics tonight because you think the improvement on your next text will be large enough to make it worthwhile to you. c. Deciding to go to a Sociology class that you usually skip because there is a guest lecturer you are really interested in hearing that day. d. Both b. and c. demonstrate marginal thinking.
In the short run, the price level
a. will increase if unit costs increase. b. will increase if average markup decreases. c. will increase if unit costs decrease. d. is held constant by government decree. e. will decrease if there is a negative supply shock.
A decrease in the price of domestically produced industrial robots will be reflected in
a. both the GDP deflator and the consumer price index. b. neither the GDP deflator nor the consumer price index. c. the GDP deflator but not in the consumer price index. d. the consumer price index but not in the GDP deflator.
In short-run if this firm produced 275 units of output, the perfectly competitive firm of Figure 9-8 will earn a total economic profit of
a.
zero
b.
$950
c.
$825
d.
$1,425
e.
$575