The situation in which a person places greater value on a good as more and more people possess it is called
A) Bandwagon Effect.
B) Greater Value Effect.
C) Snob Effect.
D) Behavioral Effect.
A
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) If business income is total output minus total labor cost, then business income in country B after emigration occurs:
A. Increases by area vqsw
B. Increases by area qsr
C. Decreases by area qsr
D. Decreases by area vqsw
The table above gives Jane's total utility from magazines and CDs. What is the marginal utility of Jane's sixth magazine?
A) 80 units B) 60 units C) 36 units D) 15 units
The long-run supply curve is upward sloping in a(n)
a. decreasing-cost industry b. increasing-cost industry c. constant-cost industry d. labor-intensive industry e. capital-intensive industry
Imagine that Wingate National is a new bank, and that the legal reserve requirement is 10 percent. If it accepts a $1,000 deposit, then the maximum value of the loans it makes is
a. $0 b. $90 c. $100 d. $900 e. $910