Which of the following are examples of situations in which the standard model of the consumer may not be realistic?
A) Impulse purchases
B) Following fads and fashions instead of one's own preferences
C) Addictions or other strong habits in consumption
D) all of the above
D
You might also like to view...
The above figure shows the U.S. market for chocolate. With no international trade, consumer surplus is equal to ________ and producer surplus is equal to ________
A) area A + area B + area C + area D; area E B) area B + area C + area D; area A + area E C) area A; area E D) area C + area D; area B + area E E) area E; area A + area B + area C + area D
If adopted by a firm, a labor-saving piece of technology is one that would:
A. increase labor demand. B. increase labor supply. C. decrease labor demand. D. decrease labor supply.
Which of the following constitutes a barrier limiting the entry of potential competitors into a market?
a. diseconomies of scale b. an elastic market demand for the product produced by the industry c. control over an essential resource d. a perfectly elastic demand curve
An upward-sloping straight line on a linear scale will become a (an) ________ on a logarithmic scale
A) upward sloping straight line B) upward sloping curve that gets continually steeper C) upward sloping curve that gets continually flatter D) horizontal line E) downward sloping straight line