Behavioral economics extends traditional economic models by
A) including insights from psychology and human cognition models.
B) modeling behavior rather than prices.
C) admitting that individuals are irrational.
D) admitting that incentives are very important.
A
Economics
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There is no incentive for additional producers of an information product to enter the industry when the price charged for these products by each firm already in the industry is equal to
A) marginal cost. B) average total cost. C) average fixed cost. D) average variable cost.
Economics