. People sometimes alter their preferences when a problem is posed or presented in different language. This is known as ______.
a. the endowment effect
b. framing
c. the gambler’s fallacy
d. overconfidence
b. framing
You might also like to view...
Suppose a firm has the following total cost function TC = 100 + 2q2. If price equals $20, what is the firm's output decision? What are its short-run profits?
What will be an ideal response?
Which of the following public policies has (have) the effect of restricting competition?
a. licensing b. patents c. import quotas d. a and b only e. a, b, and c
At the sixteenth Conference of the Parties (COP16) in Cancún,
a. participating nations signed binding commitments to further reduce GHGs b. the countries in attendance could not reach agreement on any issue c. the parties agreed to extend the Kyoto Protocol for 5 more years d. participants agreed to GHG emissions reductions to keep the rise in average global temperature to less than 2 degrees Celsius
Suppose the government imposes a 20-cent tax on the sellers of artificially-sweetened beverages. The tax would shift
a. demand, raising both the equilibrium price and quantity in the market for artificially-sweetened beverages. b. demand, lowering the equilibrium price and raising the equilibrium quantity in the market for artificially-sweetened beverages. c. supply, raising the equilibrium price and lowering the equilibrium quantity in the market for artificially-sweetened beverages. d. supply, lowering the equilibrium price and raising the equilibrium quantity in the market for artificially-sweetened beverages.