When people change their minds about what they want simply because of the timing of the decision, economists refer to it as:
A. cost-price inconsistency.
B. information overload paradox.
C. time inconsistency.
D. time barriers to optimization.
Answer: C
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The analysis of economic outcomes before and after some economic variable is changed is referred to as:
A) cardinal research. B) comparative statics. C) Pareto analysis. D) marginal study.
A Lorenz curve measures the ________ on the vertical axis
A) cumulative percentage of money income B) cumulative percentage of family wealth C) cumulative percentage of families D) demand of families on welfare
Many gourmet shops go out of business during recessions since they sell almost exclusively:
A. substitutes. B. normal goods. C. inferior goods. D. complements.
The feature that distinguishes monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms
A. are price takers. B. cannot influence market price by virtue of their size alone. C. benefit from barriers to entry. D. do not have price as a decision variable.