In behavioral economics, salience is best exemplified by
A) consumers responding differently when posted prices increase rather than when prices increase because of sales tax increases.
B) consumers responding the same regardless of how prices change.
C) the end of a controlled experiment.
D) consumers responding differently when income increases permanently rather than temporarily.
A
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Suppose the market for Blu-rays has the demand and supply schedules shown in the table above. What is the equilibrium price and the equilibrium quantity in this market? Suppose the current price is $12.00
What is the quantity of Blu-rays sold? Explain. Is there a shortage or a surplus? How big is it? Explain.
The Standard Oil trust
A. forced the railroads to grant it discounts but not to its competitors. B. forced the railroads to give it payments on every shipment of oil refined by rival firms. C. violated the Sherman Antitrust Act. D. All of the choices.
The earnings of most people
A) increase steadily until retirement. B) increase with age until around age 50 due to increased experience, training, and hours worked. C) increase with age until around age 40 due to increased experience and hours worked. D) increase with age until around age 60 due to increased experience, training, and hours worked, then level off as hours worked levels off.
If a country has a 4 percent annual growth in real Gross Domestic Product (GDP) and a one percent growth in population, its per capita growth of real GDP is
A. 6 percent. B. 0.25 percent. C. 4 percent. D. 3 percent.