Economists have used the ultimatum game and the dictator game in experiments designed to determine
A) whether consumers believe it is fair for producers to raise the price of a product for which there is excess demand.
B) whether consumers understand the difference between implicit costs and explicit costs.
C) whether consumers understand the rule of equal marginal utility per dollar spent.
D) whether consumers care about fairness when they make decisions.
D
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If the interest rate is 10 percent, the present value of a payment of $1,000 one year from today is
A) $900. B) $909. C) $1,000. D) $1,100.
Suppose the Fed purchases Treasury securities. Interest rates in the United States will ________ and the U.S. dollar will ________ against foreign currencies
A) decrease; appreciate B) increase; depreciate C) decrease; depreciate D) increase; appreciate