Behavioral economists refer to the first price a consumer hears for a product as the ______.
a. anchor
b. endowment
c. frame
d. marginal utility
a. anchor
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After the implementation of the congestion tax in London, traffic volume was reduced and travel time for cars and buses was cut in half. This is an example of
A) caveat emptor. B) comparative advantage. C) responding to incentives. D) the role of pricing in allocating resources.
When an individual's income goes up, that individual may choose to supply less labor, resulting in a backward-sloping labor supply curve
a. True b. False Indicate whether the statement is true or false
Keynesians
A. believe capitalism is inherently stable. B. believe the markets in a capitalistic economy are highly competitive. C. argue against the use of discretionary monetary policy. D. contend that government intervention in the economy is desirable.
Quotas and tariffs both serve the purpose of
A. lowering prices on imported goods. B. causing domestic producers to lose revenues. C. restricting foreign trade. D. increasing foreign trade.