The American manufacturing system began to emerge in the years prior to the Civil War. Which of the following was not an important aspect of the system?
(a) Extensive or increased use of craftsmen
(b) Mass production of goods in factories
(c) The production of standardized goods
(d) Extensive use of machinery and equipment
(a)
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A utility function
A) needs to measure the absolute level of happiness. B) needs to measure relative amounts of happiness for a single individual. C) helps compare the relative happiness of two separate consumers. D) is most useful if it can be influenced by others.
A perfectly inelastic supply curve is also called an infinitely elastic supply curve
a. True b. False Indicate whether the statement is true or false
Defenders of advertising
a. concede that advertising increases firms' market power. b. concede that advertising makes entry by new firms more difficult. c. contend that firms use advertising to provide useful information to consumers. d. All of the above are correct.
An application of behavioral economics is:
A. rational cost-price decision making. B. price inconsistency. C. forgetting the fungibility of money. D. All of these are applications of behavioral economics.