Choice architecture is the:
A. organization of the context and process in which people make decisions.
B. choices that force utility-maximizing decisions for individuals.
C. political framework under which policy is made.
D. the internal mental framework people use in order to make all their decisions.
A. organization of the context and process in which people make decisions.
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The classic example of adverse selection is the
a. market for used cars. b. market for new cars. c. relationship between shareholders and managers. d. relationship between a coach and an athlete.
Common property ownership most likely leads to
A) an efficient allocation of resources. B) production at a rate at which price is less than social cost. C) more social justice. D) an increase of externalities.