Which of the following concepts should be LEAST associated with behavior economics?
A. Choices that are hard to reconcile with standard economic theory
B. Rejection of highly-mathematical economic models
C. The use of laboratory experiments
D. Neuroeconomics
B. Rejection of highly-mathematical economic models
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Money serves as a medium of exchange means that
A) it benefits both buyers and sellers. B) it eliminates the need for barter. C) it reduces transaction costs. D) All of the above are correct.
A ________ is the privilege granted to an individual or company by the government, which gives them the sole right to produce and sell a good
A) brand B) patent C) copyright D) trademark
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is
A) zero because marginal costs equal marginal revenue. B) zero because price equals marginal costs. C) positive because price exceeds average variable costs. D) positive because price exceeds average total costs. E) positive because revenues are increasing faster than variable costs.
Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. Suppose the government imposes a $2.00 per gallon tax on milk. The new general equilibrium price of milk is:
A. $2.37. B. $4.37. C. $0.37. D. $3.39.