According to behaviorial economists, traditional economic models assume all the following characteristics EXCEPT
A) unbounded selfishness.
B) unbounded resources.
C) unbounded willpower.
D) unbounded rationality.
Answer: A
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A decrease in the price of electricity can best be explained by
A. Abnormally cold winters and hot summers. B. The increased use of electronic devices such as computers. C. A decrease in the population. D. A growing economy.
When a firm is awarded a patent, it is given monopoly rights to the production of that product for ________ years.
A. 10 B. 20 C. 30 D. 50
A change in quantity demanded
A) is a shift of the demand curve. B) is a movement along the demand curve. C) can be either a shift or a movement along the demand curve. D) is caused when there is a change in a ceteris paribus factor.
Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that
A) the demand for personal trainers has increased. B) personal trainers are deliberately charging high prices because they provide services for wealthy clients. C) the number of personal trainers has increased. D) the law of demand has been violated.