A "bad choice" as defined in choice architecture is a choice that:
A. policymakers consider not optimal for society, despite individual choosers' benefits.
B. policymakers want to nudge participants away from.
C. is considered not optimal by the choice architect.
D. is one that the chooser will regret later.
Answer: D
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Refer to Figure 7-2. Without the tariff in place, the United States produces
A) 12 million pounds of coffee. B) 26 million pounds of coffee. C) 33 million pounds of coffee. D) 45 million pounds of coffee.
If income rises and the demand for toothbrushes stays the same, income elasticity of toothbrushes is said to be unit elastic
a. True b. False
If there are 50 firms in the industry, and each have an equal market share, the Herfindahl index will be equal to 1,00,000
a. True b. False Indicate whether the statement is true or false
If a price decrease leads to an increase in total revenue, demand must be: a. perfectly inelastic. b. relatively inelastic. c. relatively elastic
d. unit elastic.