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Author Question: One reason that consumers and businesses might not act rationally is A) they may not realize ... (Read 91 times)

lunatika

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One reason that consumers and businesses might not act rationally is
 
  A) they may not realize their actions are inconsistent with their goals.
  B) they do not always value fairness when they make choices.
  C) it is difficult to obtain enough information about the elasticities of demand and supply.
  D) consumer tastes change constantly.

Question 2

Which of the following statements is true about monopolistically competitive firms?
 
  A) Like perfectly competitive firms, monopolistically competitive firms are not able to raise prices without losing all of their customers because they face competition from firms selling similar products.
  B) Unlike perfectly competitive firms, monopolistically competitive face perfectly inelastic demand curves.
  C) Like perfectly competitive firms, monopolistically competitive firms maximize their profits by setting price equal to marginal cost.
  D) Unlike perfectly competitive firms, monopolistically competitive firms are able to raise their prices without losing all of their customers.


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mcarey591

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lunatika

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it


sultansheikh

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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