Which of the following statements is most accurate about human brain modularity?
A. System 1 uses heuristics, system 2 is more calculating, and both are equally important in
decision making.
B. Both systems regularly use both heuristics and conscious calculations, and both are
equally important in decision making.
C. System 1 uses heuristics, system 2 is more calculating, and system 2 regularly overcomes
system 1's heuristics to make decisions.
D. System 1 uses heuristics, system 2 is more calculating, and most decisions are made by
system 1.
Answer: D
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Facing choices between beer and pizza, the number of pizzas a consumer would be willing to trade for just one beer is called
a. the marginal value of beer in terms of pizza. b. the marginal value of pizza in terms of beer. c. the demand for beer. d. an undesirable trade.
A market cannot be contestable if
a. very limited economies of scale exist b. substantial barriers to entry exist c. the market is perfectly competitive d. resources can be easily acquired by new firms e. products are indistinguishable
Price floors set a legal minimum price on a product or commodity.
Answer the following statement true (T) or false (F)
Why are firms in monopolistic competition unable to earn an economic profit in the long run?
What will be an ideal response?