b. Issue refunds for returns in the form of a gift card.
a. It shows that consumers may not work as hard in some situations to maximize their marginal utility.
b. It shows that consumers tend to overvalue the utility they will receive from any given situation.
c. It shows that consumers are usually misled about the utility of a product by the people who are closest to them.
d. It shows that consumers rarely try to maximize their marginal utility.
a. It shows that consumers may not work as hard in some situations to maximize their marginal utility.
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The above figure shows the U.S. market for wheat. With international trade, the price of wheat in the United States is ________ per ton and the United States ________ wheat
A) $16; exports B) $14; exports C) $14; imports D) $16; imports E) $14; does not trade
The Great Depression was the most severe recession experienced by the U.S. economy, during which national output had declined by 25 percent
a. True b. False Indicate whether the statement is true or false
The benefits of social regulation are
A) easy to measure by the marginal value method. B) often difficult to measure. C) obvious to almost everyone, but the costs are usually hidden. D) greater than the costs of social regulation in every example in the country today.
An economic expansion tends to cause the federal budget deficit to ________ because tax revenues ________ and government spending on transfer payments ________
A) increase; rise; falls B) increase; fall; rises C) decrease; rise; falls D) decrease; fall; rises