According to a behavioral economist, people who are unwilling to sell the last pound of rice they purchased for the same price that they paid for it are displaying ________.
A) the endowment effect
B) bounded rationality
C) bounded self-interest
D) bounded will power
Question 2
In the long run, which of the following is present in a perfectly competitive market?
A) barriers to entry
B) many firms in the market
C) firms incurring an economic loss in the long run
D) firms making an economic profit in the long run
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