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When consumers were given the opportunity to select a package of ground beef labeled “75% lean” or a package of ground beef labeled “25% fat,” most consumers chose “75% lean.” Why? What concept from the chapter does this illustrate?
A. The reason is that consumers are swayed by cheap talk. Cheap talk is the concept.
B. The reason is that consumers respond better to higher numbers. They feel they are getting more because 75 is greater than 25. The concept is the endowment effect.
C. The reason is that consumers infer the value of a product from positive advertising. This is called inference induction.
D. The reason is that consumers are loss averse. This is called a framing effect.
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CER defaults on its loan payments to Bank One. Can Bank One attach the 100 stereo systems CER bought from Stereo Manufacturer.
What do you think about the often proposed "flat tax" as a better alternative than our current system allowing for credits and deductions?
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Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to
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The labor abundant countries of asia have experiences rapidly rising wages since those economies liberalized their international trade policies. Does this observation match the predictions of international trade theory? Explain.
Firms in perfect competition will leave the industry if they
If economists wish to determine relative factor abundance across countries, why don’t they simply calculate w/r ratios across countries and then compare these ratios?
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