Presenting options in a fashion that makes people more likely to make one choice over another is called:
A. choice architecture.
B. the ACE model.
C. traditional economics
D. natural experiments.
Answer: A
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Refer to Figure 3-1. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should
A) reduce its output. B) increase its output. C) lower the price. D) keep output constant and enjoy the above normal profit.
Which of the following is not a characteristic of perfect competition?
a. A commodity product b. A large number of independently acting sellers c. Freedom of entry d. The existence of externalities e. Each firm is a price taker
Variable costs are:
A. costs that depend on the quantity of output produced. B. costs that don't depend on the quantity of output produced. C. one-time costs. D. None of these is true.