According to proponents of behavioral economics, because every possible choice cannot be considered, an individual will tend to fall back on methods of making decisions that are simpler than trying to sort through every single possibility, known as
A) rules of thumb.
B) rational options.
C) irrational choices.
D) normative decisions.
A
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The table above shows Mary's utility from chips and soda. The table shows that Mary has diminishing marginal utility for
A) both chips and soda. B) neither chips nor soda. C) soda, but not chips. D) chips, but not soda.
Explain why resources are used efficiently in a competitive market
What will be an ideal response?
Monopoly firms have a downward sloping curve in the short-run because
a. They have no close substitutes b. There are no barriers to entry c. They have no cost advantage over their rivals d. None of the above
A non-rival good is a good which:
a. is produced by a monopoly. b. is produced by a cartel. c. can provide benefits to additional users at a zero marginal cost. d. is sold in a single market.