Behavioral economists:
A. rely primarily on data drawn from the real world.
B. typically assume that each individual has well-defined objectives, that there is a connection between an individual's objectives and actions and that the actions chosen affect an individual's well-being.
C. avoid mathematical models of behavior, as they do not adequately describe real world actions.
D. typically assume that each individual has well-defined objectives and avoid mathematical models of behavior, as they do not adequately describe real world actions.
B. typically assume that each individual has well-defined objectives, that there is a connection between an individual's objectives and actions and that the actions chosen affect an individual's well-being.
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Demand facing an individual, perfectly competitive firm is
A) perfectly inelastic at the quantity the firm chooses to produce. B) perfectly inelastic at the quantity determined by market forces. C) perfectly elastic at the price the firm chooses to charge. D) perfectly elastic at the price determined by market forces.
How can bonuses to exceptional employees be considered economic rents?
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. To maximize profits in the short run, this firm should set a price of
A. $18. B. $22. C. $23. D. $25.