Recall the Application about consumer choice between Coke and Pepsi to answer the following question(s).Recall the Application. Which of the following statements was proven to be true?
A. If a subject knew the brand that was being tasted, there was increased activity in the prefrontal cortex.
B. Brand association affected consumer preference.
C. When subjects knew which brand they were drinking, the majority preferred Coke.
D. All of these
Answer: D
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According to prospect theory,
A) people are concerned with wealth levels only. B) people are concerned with changes in wealth levels only. C) people never use a reference level when making their decisions. D) everybody is risk-neutral.
The concept of mean reversion is defined by
a. the tendency of profits to revert to zero b. the tendency of costs to revert to zero c. the tendency of economic profits to revert to zero d. the tendency of profits to revert to negative
According the graph shown, the firm's most efficient scale of operation is to produce quantity:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. Q1.
B. Q2.
C. Q3.
D. Any quantity as long as P1 is charged.
What are the two reasons why the Fed cannot precisely control the money supply?
a. the president and the FOMC b. laws and businesses c. banks and laws d. people and banks