Along a linear demand curve,
a. both the slope and price elasticity are constant
b. the price elasticity is constant, but the slope varies
c. total revenues are constant
d. the slope is constant, but the price elasticity varies
e. total revenues are negative
D
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The above figures show the market for HD televisions. If the price of the LCD screens used to produce these televisions falls, which figure shows the effect of this change in price?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
What are the two categories of cognitive biases identified by behavioral economists?
A. Unevolved capacity for solving modern problems and faulty heuristics. B. Bad information and lack of impulse control. C. Lack of intellect and mental disorders. D. Inability to reason and inability to delay gratification.