The situation in which a person places greater value on a good as fewer and fewer people possess it is called
A) Bandwagon Effect.
B) Greater Value Effect.
C) Snob Effect.
D) Behavioral Effect.
C
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Economists often refer to games with more than three players as
A) complex games. B) n-player games. C) games of infinity. D) global games.
If a tax cut increases people's labor supply, then
A) tax cuts increase potential GDP. B) tax cuts decrease aggregate demand. C) tax cuts decrease potential GDP because the real wage rate falls. D) tax cuts cannot affect aggregate demand. E) Both answers B and C are correct.
People view alcohol and marijuana as perfect substitutes. This means that
A) individuals will consume either alcohol or marijuana, but not both, regardless of price. B) as the price of alcohol decreases, marijuana use decreases. C) the marginal utility for alcohol and marijuana is constant. D) Both B and C.
A normal profit is
A) revenues minus opportunity cost of zero. B) revenues minus accounting cost of zero. C) a zero accounting profit. D) revenues minus accounting and opportunity cost of zero.