According to the reflection effect
A) people think harder about losses than about gains.
B) people become more risk preferring over time.
C) attitudes toward risk are reversed for gains versus loses.
D) subjective probabilities on riskier outcomes are weighted heavier than on less risky outcomes.
C
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In general, a higher real wage rate decreases the quantity of labor supplied because fewer people enter the labor force
Indicate whether the statement is true or false
In a competitive market, a negative externality creates a deadweight loss because
A) the cost of the externality is double counted. B) a harm is generated. C) price equals social marginal cost. D) price equals private marginal cost.
When a monopolist sells two units of output its total revenues are $100. When the monopolist sells three units of output its total revenues are $120. When the monopolist sells three units of output, the price per unit is:
A. $6.67. B. $20. C. $33.33. D. $40.
Goods like exclusive designer clothes carry with them prestige value linked to their price. As a result, some people demand more of such goods as the price increases. For those people, such goods are Giffen goods.
Answer the following statement true (T) or false (F)