Behavioral economics:
A. draws on insights from psychology to expand models of individual decision making.
B. draws on insights from anthropology to clarify models of individual decision making.
C. draws on insights from business theory to expand models of household behavior.
D. is the least disputed field of economics.
A. draws on insights from psychology to expand models of individual decision making.
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Which of the following is a "guns or butter" decision?
(A) A school has to decide whether to build a new gym or renovate the auditorium. (B) A man must decide whether to install an alarm system in his house or buy new furniture for the living room. (C) A woman has to decide whether to replace her old car with a new sports car or a family sedan. (D) A country must decide whether to use its steel to build new fighter jets or new sports cars.
If it is difficult to substitute for a good in the short run, but easy in the long run, then
A) the elasticity of demand is more elastic in the short run. B) the elasticity of demand is more elastic in the long run. C) the good is an inferior good. D) elasticity changes along the demand curve.