Which of the following are examples of situations in which the standard model of the consumer may not be realistic?
A) Impulse purchases
B) Following fads and fashions instead of one's own preferences
C) Addictions or other strong habits in consumption
D) all of the above
D
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If nation A has a comparative advantage over nation B in the production of a product, this implies:
a. it requires fewer resources in A to produce the good than in B. b. the cost of producing the good in terms of some other good's production that must be sacrificed is lower in A than in B. c. that nation B could not benefit by engaging in trade with A. d. that nation A should acquire this product by trading with B. e. that nation A could not benefit by engaging in trade with B.
How does ‘consumer sovereignty’ determine the types and quantities of the goods produced in an economy?
Please provide the best answer for the statement.