Economists have used the ultimatum game and the dictator game in experiments designed to determine
A) whether consumers believe it is fair for producers to raise the price of a product for which there is excess demand.
B) whether consumers understand the difference between implicit costs and explicit costs.
C) whether consumers understand the rule of equal marginal utility per dollar spent.
D) whether consumers care about fairness when they make decisions.
Question 2
Which of the following is true for a monopolistically competitive firm in long-run equilibrium?
A) P > MR and MC = ATC. B) P = ATC and MR = MC.
C) P = ATC and P = MC. D) P > ATC and P > MR.
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