The following statements about behavioral economics are true, except:
A. Its insights help policymakers determine how to nudge people to make certain choices
B. It combines insights from economics, psychology, and neuroscience to better understand how people behave
C. It assumes that people are always rational, deliberate, and objective in their choices
D. It studies how people deal with choices involving "goods" as well as "bads"
C. It assumes that people are always rational, deliberate, and objective in their choices
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The monopolist's marginal revenue curve lies below the demand curve because
a. the monopoly is not an efficient producer b. as the monopolist increases output, the price falls c. there is no account of implicit costs d. the monopolist's demand curve is the market demand e. the monopolist can charge the highest price possible
Which one of the following factors increases the likelihood that a cartel agreement will lead to higher profit for cartel members?
a. free entry into the cartelized market b. a small number of sellers involved in the cartel agreement c. the cartel members produce a differentiated product d. highly unstable demand for the product produced by the cartel
Does the movement of workers from other countries to the U.S. affect the demand for labor in the U.S., or does it affect the supply of labor in the U.S.?
Society will produce ________ if price and marginal cost are equated for all firms.
A. the minimum output B. the efficient mix of output C. no output D. the maximum output