A) is scarce.
B) has a high price.
C) is something everyone else wants.
D) generates enjoyment or satisfaction.
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A) utility cannot be measured objectively.
B) utility can be measured objectively because people can use prices of different goods to measure utility.
C) all of the important conclusions of the economic model of consumer behavior depend on utility being measured objectively.
D) the util truly is an objective, rather than a subjective, measure of utility.
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A) Whelan inherits a cottage in Cape Cod from his grandfather and is unwilling to sell it for sentimental reasons.
B) Robert Pattinson commands a premium in the movie industry because he is endowed with dashing looks.
C) Isabella was not willing to part with her "Robert Pattinson" poster although she was offered $100 for it, a sum greater than what it costs to purchase another such poster.
D) If you received a good as a gift, you are less likely to attach a monetary value to the good.
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The endowment effect refers to the tende...View Answer
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A) rational consumer behavior.
B) the endowment effect.
C) the fallacy of composition.
D) the failure to ignore sunk costs.
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A) the fair trade principle
B) the ultimatum game
C) the preferential treatment game
D) the behavioral experiment
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A) the definition of the market for a good.
B) the availability of substitutes for the good.
C) the share of the good in the consumer's budget.
D) whether the good is a necessity or a luxury.
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A) should be ignored since it represents a sunk cost.
B) should be considered since it is money he has spent and needs to recoup.
C) should be ignored only if Kim can earn more than $200,000 by running his website.
D) should be considered since it is money he could have used to invest in his website.
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A) the demand for bottled water is inelastic in the price range considered.
B) the demand for bottled water is elastic in the price range considered.
C) the supply of bottled water is inelastic in the price range considered.
D) the supply of bottled water is elastic in the price range considered.
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A) total satisfaction received from consuming a given number of units of a product.
B) average satisfaction received from consuming a product.
C) extra satisfaction received from consuming one more unit of a product.
D) satisfaction achieved when a consumer has had enough of a product.
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A) a, d, and e only
B) all the factors except b
C) all the factors except c
D) d and e only
E) all the factors listed
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A) The toothpaste industry is highly competitive.
B) Toothpaste is relatively inexpensive.
C) Toothpaste is heavily endorsed by dentists.
D) There are few close substitutes for toothpaste.
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A) 40 percent
B) 25 percent
C) 2.5 percent
D) 0.4 percent
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A) when demand is elastic.
B) in special cases when the percentage change in the quantity demanded is equal to the percentage change in price.
C) to ensure that the elasticity has a negative value.
D) to ensure that we have only one value of the price elasticity of demand between two points on a demand curve.
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A) It is inelastic at high prices and elastic at low prices.
B) It is unit-elastic throughout the demand curve.
C) It is elastic at high prices and inelastic at low prices.
D) It is perfectly elastic at very high prices and perfectly inelastic at very low prices.
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A) People sometimes buy stocks because other people are buying them or they want to appear to be fashionable.
B) People sometimes make mistakes when they buy stocks because of the endowment effect.
C) People sometimes make mistakes when they buy stocks or when they buy goods and services: they ignore the monetary opportunity costs of their choices.
D) People often fail to ignore the sunk costs of their decisions.The cost of the stock bought at $50 per share is a sunk cost.
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The good must be an ...View Answer
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A) both goods until the marginal utility of veggie burgers is three times the marginal utility of soy milk.
B) three times as many veggie burgers as pints of soy milk.
C) three times as many pints of soy milk as veggie burgers.
D) both goods until the marginal utility of a pint of soy milk is three times the marginal utility of veggie burgers.
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A) will increase by 45 percent.
B) will increase by 5 percent.
C) will decrease by 45 percent.
D) will decrease by 5 percent.
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