If people have never implemented an idea that you believe offers substantial opportunity:
A. you should seek a low interest loan immediately in order to launch your product.
B. you should conclude people are irrational.
C. your evaluation might be missing something and you should carefully revisit the first three economists' questions.
D. you should conclude that you are being irrational.
C. your evaluation might be missing something and you should carefully revisit the first three economists' questions.
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Empirical evidence suggests that usury laws
A) help poor consumers by lowering the interest rate they pay. B) hurt poor consumers by limiting their ability to borrow. C) keep interest rates low. D) limit the amount borrowed by wealthier consumers.
Which of the following violates the law of diminishing marginal utility? a. Phil's marginal utility from drinking another beer remains positive as he drinks more at a party
b. Phil's marginal utility from drinking becomes negative after 6 beers at a party. c. Phil's total utility from drinking 5 beers at a party is greater than his total utility of drinking 3 beers at a party. d. The more beer Phil drinks, the more he enjoys the next one.
Which is NOT considered money?
A. Checking account balances B. Debit cards C. Currency and coin D. Traveler's checks issued by non-banks
A product with qualities that consumers lack the expertise to assess without assistance is called a(n)
A) search good. B) experience good. C) credence good. D) inferior good.