Studies of human decision-making have detected systematic mistakes that people make. Which of the following have been detected?
a. people are overconfident
b. people give too much weight to a small number of vivid observations
c. people are reluctant to change their minds
d. All of the above are correct.
d
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Which of the following would lead to an increase in the supply of ethnic restaurants in a college town?
A) An increase in the wages paid to restaurant workers B) An increase in the price of American chain restaurants, and consumers regard American chain restaurants and ethnic restaurants as substitutes C) An increase in the demand for ethnic restaurants D) All of the above. E) None of the above.
Some years ago, chemists at 3M Corporation were trying to create a super-strong glue. Somehow they got their molecules twisted and came up with one of the weakest glues ever made. But, rather than pouring it down the drain, they tried coating some paper with it, and the "Post-It Note" was born. In this case, 3M was acting as a(n)
A) utility. B) rationer. C) entrepreneur. D) abstraction.