Framing often causes people to
A) violate expected utility theory.
B) go to prison.
C) fall afoul of the certainty effect.
D) become risk-averse.
A
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The demand and supply schedules for pizza are in the table above. If the government sets a maximum legal price of $2 per slice of pizza, then
A) there is a shortage of 20 slices of pizza. B) this maximum price is an example of a price floor. C) this maximum price is an example of a price ceiling. D) Both answers A and C are correct. E) Both answers B and C are correct.
The economy's marginal social benefit curve for a public good is obtained by
A) horizontally summing each individual's demand curve. B) horizontally summing each individual's marginal benefit curve. C) vertically summing each individual's marginal benefit curve. D) averaging each individual's marginal benefit curve.
If managers increase the size of the order they place, the ordering cost ________ and the carrying cost ________.
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
In the long run, all inputs are variable
a. True b. False