Herbert Simon has concluded that decision making in industry is often best described as
A. optimizing behavior.
B. profit maximizing.
C. satisficing.
D. saturating.
Answer: C
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The flows of money compared to the flow of resources, goods, and services in the circular flow model
a. occur only once, then they become stocks (as opposed to flows) b. are equivalent when the number of households equals the number of firms c. move in the same direction as long as payments equal revenue d. always lag behind the flow of resources, goods, and services e. move in the opposite direction
Refer to the data. What level of total utility does the rational consumer realize in equilibrium?
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
A. 87 utils.
B. 104 utils.
C. 51 utils.
D. 58 utils.
If the quantity of pretzels demanded decreases by 8% when the price of beer increases by 6%, the cross-price elasticity of demand between pretzels and beer is
A. -14. B. -1.33. C. -0.75. D. 2.
Refer to Figure 18.3. After trade and specialization begin, the maximum amount of pogo sticks that Livonia can consume is
A) 120. B) 100. C) 80. D) 40.