1-Which of these statements best fits how a behavioral economist might view a situation?
If you lost $20 today but then found $20 later on, you feel neutral because it’s as if you never lost anything at all.
Dollars are fungible, or have equal value to the individual, regardless of the situation.
​If you find $100 on the street, you will be more likely to spend if freely than you would be to take $100 out of your bank account.
2-Excess supply occurs when the actual price in some market is ________ the equilibrium price.
unrelated to
equal to
3-Marginal cost is
the only thing necessary to consider for making rational decisions.
on average, what each unit of output costs to produce or obtain.
the extra cost of buying a group of items
the cost of obtaining or producing one more unit of something.
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