Economists call the influences of the decisions of others on our decisions ________
A) peer effects
B) moral hazard
C) externalities
D) cluster effects
A
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Which of the following is not potentially a barrier to entry into a product market?
a. patent protection on the design of the product b. the absence of economies of scale in the product market c. government licensing of the product's producers d. the control of a crucial input necessary to produce the product
A reserve requirement of 50 percent means a money multiplier of: a. 0.50. b. 2
c. 5. d. 50.
Figure 12.2 shows demand, marginal revenue, and costs of a duopolist. If the two duopolists have the same costs and split the market equally, each profit maximizing duopolist will earn a profit of:
A. $30,000. B. $15,000. C. $10,000. D. $0.
The Endangered Species Act was originally passed in
A. the 1980s. B. the 1990s. C. the 1930s. D. the 1970s.