James used $200,00 . from his savings account that paid an annual interest of 10% to purchase a hardware store. After one year, James sold the business for 300,000 . An Economist calculated his profit to be:

Refer to the information provided in Figure 12.5 below to answer the question(s) that follow.  Figure 12.5  Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served

A. if the price was higher than $10 per hula hoop. B. if the price was lower than $10 per hula hoop. C. if the price remained at $10 per hula hoop. D. Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.

. People sometimes alter their preferences when a problem is posed or presented in different language. This is known as ______.

a. the endowment effect b. framing c. the gambler’s fallacy d. overconfidence