Answer the following statement true (T) or false (F)
1) Heuristics generally help people to make decisions faster, but also to make more errors.
2) Heuristics help people make faster, error-free decisions.
3) Recognition heuristics help advertisers gain customers.
4) Heuristics generally operate in brain System 2.
1) T
2) F
3) T
4) F
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If the market for bicycles is efficient, then
A) no more bicycles can be produced. B) marginal benefit exceeds marginal cost. C) consumer surplus must be greater than producer surplus. D) it is not possible to produce more bicycles without sacrificing another, more highly valued good. E) consumer surplus must equal producer surplus.
Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's total profit will be:
A. $82.
B. zero.
C. $54.
D. $27.