In making consumer decisions that involve many options, each decision engages the cognitive process and ________ brain fuel. Eventually, the consumer is more likely to make ________ decisions.
A. generates; thoughtful
B. generates; impulsive
C. consumes; thoughtful
D. consumes; impulsive
Answer: D
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For any firm, price always equals
A. average revenue. B. marginal revenue. C. marginal cost. D. marginal profit.
When economists say the quantity supplied of a product has increased, they mean the:
A. supply curve has shifted to the left. B. supply curve has shifted to the right. C. price of the product has risen, and consequently, suppliers are producing more of it. D. price of the product has fallen, and consequently, suppliers are producing less of it.
Economic growth is a result of
What will be an ideal response?
Why is the study of asymmetric information associated with the market for "lemons"?
A) Potential buyers of used cars have difficulty separating good used cars from bad used cars; bad used cars are often referred to as "lemons." B) Because there is little advertising in the market for lemons, buyers have difficulty determining the quality of lemons before they are purchased. C) Sellers of citrus fruit — lemons, oranges, grapefruit — know the difference between bad fruit and good fruit; buyers do not have this information. D) Most sellers of used cars have less information about their cars than the dealers who buy them; used cars are often referred to as "lemons."