According to proponents of behavioral economics, because every possible choice cannot be considered, an individual will tend to fall back on methods of making decisions that are simpler than trying to sort through every single possibility, known as

Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the efficient quantity of satellites is

A) 0. B) 1. C) 2. D) 3.

If seller increases the price of the good and the total revenue increases, this implies that the demand for the product is inelastic.

Answer the following statement true (T) or false (F)