________ creates an informational equilibrium in which people trust the wisdom of others and ignore their own information
A) Anchoring
B) Hedging
C) Sniping
D) Herding
D
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The initial price of a cup of coffee is $1, and at that price, 400 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 500
a. Calculate the (arc) price elasticity of demand for coffee. b. Based on your answer, is the demand for coffee elastic or inelastic? c. Based on your answer to a., if the price of coffee is increased by 10%, what will happen to the revenues from coffee? Carefully explain how you know.
When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a
A) partnership. B) conglomerate. C) corporation. D) proprietorship.
Economic growth is shown by
A. a point near the top of the production possibilities curve. B. an inward shift of the production possibilities curve. C. a point outside the production possibilities curve. D. an outward shift of the production possibilities curve.
When we draw an investment demand curve, we hold constant all of the following except:
A. the expected rate of return on the investment. B. business taxes. C. the interest rate. D. the present stock of capital goods.