A situation in which output decreases while prices increase is often referred to as:

Suppose somebody made the following statement: "There will never be a substitute for Howard Stern, the radio shock-jock." According to the economic way of thinking, the above statement

A) is essentially true. B) is misleading because cloning already exists and it is a matter of time before people will be cloned. C) is incorrect because many people choose to listen to other programs as the perceived costs of listening to Howard Stern change. D) is essentially false because Howard Stern provides nothing of value to society.

For most consumers, the process of gathering information can be considered

a. irrational b. unproductive c. a vocation d. nonmarket work e. costless