Fairness, according to behavioral economics:
A. is too subjective to be considered in the analysis of economic behavior.
B. can be objectively standardized across individuals.
C. varies from one individual to another but still affects economic behavior in important ways.
D. matters to people, but because of self-interest fairness has little effect on their economic
decisions.
Answer: C
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Answer the following statement true (T) or false (F)
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a. prevents mergers that substantially lessen competition. b. rules on the antitrust activities of labor unions. c. issues patents. d. polices deceptive advertising.
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a. True b. False Indicate whether the statement is true or false
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A. the patent system gives firms strong incentives to take the risk of substantial research and development costs. B. the patent system may precipitate the development of new products. C. granting monopoly power through a patent may be beneficial from society's perspective. D. All of these.