The rule of thumb according to which people are more likely to assume something belongs to a given category if it shares many characteristics with the stereotypical members of that category is the:
A. availability heuristic.
B. anchoring heuristic.
C. adjustment heuristic.
D. representative heuristic.
Answer: D
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Suppose a monopolistically competitive firm sells 25 units at a price of $10. Calculate its marginal revenue per unit of output if it sells 5 more units of output when it reduced its price to $9
A) $270 B) $20 C) $4 D) $2.50
In the theory of utility, it is assumed that marginal utility:
a. increases as the consumption of a product increases. b. is always zero irrespective of any increase or decrease in consumption. c. remains constant when consumption of a product increases. d. diminishes as the consumption of a product increases. e. remains constant when the consumption of a product decreases.
Economic theory suggests politicians will be most likely to favor redistribution of income from
What will be an ideal response?
Investing in financial instruments in today's economy:
A. is an activity practiced only by the wealthy. B. is made easier by the use of mutual funds. C. involves costly transactions. D. requires a relatively large sum of money to invest (more than $100,000).