A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. What is the equilibrium quantity in the market

A downward sloping marginal product of labor curve demonstrates the law of diminishing marginal returns

Indicate whether the statement is true or false

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

1) The presence of framing effects influences how sellers present their products to consumers. 2) Prospect theory and the work of behavioral economists confirm that consumers are economically rational. 3) People feel losses about 2.5 more intensely than they feel gains. 4) Firms would rather shrink package sizes than raise prices because consumers will feel less of a loss from the change in package size.