Behavioral economists have discovered that
A) transitivity of preferences always holds, even in animals.
B) the law of demand does not hold in controlled experiments.
C) transitivity of preferences does not always hold, especially for young people.
D) reflexivity of preferences is not true.
C
You might also like to view...
When external costs are present and government imposes a tax equal to the external marginal cost, then efficiency can be achieved
Indicate whether the statement is true or false
Perfect competition is characterized by
A) many buyers and sellers. B) a small number of firms. C) differentiated products of firms in the industry. D) high barriers to entry.
To answer the question, refer to the following table showing a demand schedule: 
If price falls from $200 to $150,
A. arrows representing the price and quantity effects both point down. B. total revenue moves in the same direction as the arrow representing the price effect. C. arrows representing the price and quantity effects both point up. D. an arrow representing the price effect points down and is longer than an arrow for the quantity effect. E. an arrow representing the price effect points down and is shorter than an arrow for the quantity effect.
Entrepreneurial ability is defined as the ability to ______.
a. invent economic goods that will change society b. inspire others to reach their professional potential c. negotiate the lowest prices for scarce resources d. develop new products or production processes