Commitment devices are:
A. mechanisms that allow people to voluntarily restrict their choices in order to make it easier to stick to plans.
B. socially institutionalized practices that signal a particular commitment has been made by a person.
C. policies that force participants to choose their future commitments.
D. None of these statements is true.
A. mechanisms that allow people to voluntarily restrict their choices in order to make it easier to stick to plans.
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The marginal product of the 30th input item is
A. 24. B. 120. C. 12. D. 200.
Why are consumers in a competitive market considered to be price takers?
What will be an ideal response?
Based on research into voting behavior, which of the following is the most likely to vote in presidential elections?
a. Phyllis is a single woman with a bachelor’s degree who supports herself selling her crafts at art fairs. b. Chris is a single man with a high school diploma and a job as a plumber’s assistant. c. Carolyn is a married mother of two with a master’s degree and a job as a high school teacher. d. Stuart is a married man with no children, who has a college degree but is unemployed.
When more firms enter an industry:
A. the amount produced by each of the new firms will be less than the amount produced by each of the original firms. B. the industry supply curve will shift right. C. the industry supply curve will shift left. D. the amount produced by each of the new firms will be greater than the amount produced by each of the original firms.