Diffusion of responsibility exists when
A) the members of a group believe one thing but mistakenly assume that most of the other members believe something else.
B) a group of bystanders all agree that something needs to be done but each feels less personal responsibility for taking action because each perceives that there are others who could take action.
C) a majority of people in a group do not have the intellectual capacity of arriving at a viable solution to a public goods problem.
D) the least-capable member of a group exerts his influence over the rest of the group when trying to arrive at a decision on how to internalize an externality.
B
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The Fisher equation states that the
A) expected real interest rate minus the expected inflation rate equals the nominal interest rate. B) expected inflation rate plus the nominal interest rate equals the expected real interest rate. C) nominal interest rate equals the expected real interest rate plus the expected inflation rate. D) expected real interest rate equals the expected inflation rate minus the nominal interest rate.
The marginal revenue product schedule for land refers to
A. a firm's demand for land. B. the final demand for land. C. the final supply of land. D. the firm's supply of land.
The potential total output combinations of any two goods for an economy, given the available factors of production and the available production technology that firms use to turn their inputs into outputs, is shown by a ______.
a. factor market analysis b. simple circular flow model c. production possibilities curve d. volatility coefficient
Smartphone companies protect their monopolies over new products they develop by utilizing
A. low cost production. B. zero economic profits in the long run. C. diseconomies of scale. D. patent protection.