Fine-dining restaurants commonly provide statements in their menus such as, "A 20% gratuity will be added to all checks for parties of six or more patrons"
Given that this statement tends to raise the level of tips or gratuities left by other groups of diners, the statement is a good example of: A) the endowment effect.
B) loss aversion.
C) anchoring.
D) none of the above
C
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A.W. Phillips's discovery of a particular relationship between unemployment and inflation for the United Kingdom
a. could not be extended to other countries, despite many researchers' attempts to provide that extension. b. was quickly extended to other countries by researchers. c. was extended to only one other country — the United States. d. was harshly criticized by the American economists Paul Samuelson and Robert Solow on the grounds that Phillips's study was fundamentally flawed.
If Shaniq is a risk averse, then
A) her cost of risk exceeds $0. B) she has diminishing marginal utility of wealth. C) she is willing to buy insurance if the cost of insurance is low enough. D) all of the above.
Inequality is often the result of higher levels of work and productivity
a. True b. False
Two CEOs from different firms in the same market collude to fix the price in the market. This action violates the
a. Clayton Act of 1914. b. Sherman Antitrust Act of 1890. c. Crandall-Putnam ruling of 1983. d. Jackson-Microsoft ruling of 2000.