Behavioral economics concepts such as the winner\'s curse, loss aversion, and en

Question

Behavioral economics concepts such as the winner's curse, loss aversion, and endowment effects emanate from blends of which of the following social sciences? a. economics and philosophy b. economics and psychology c. economics and political science d. economics and sociology 18. 19. As concerns the expression MP xMR MC a. fan discrimination affects the MR component b. players' innate physical ability influences the MP, component c. player salaries relate to the MC, component d. all of the above hold 20. Which of the following accurately describes a bilateral monopoly situation? a. a monopoly union confronts a monopsony employer in a bargaining situation b. two monopsonistic employers compete for a single pool of labor c. two powerful firms control price and output in a product market d. none of the above

Explanation / Answer

18> b

Psychology plays an important role in behavioral economics.

19> d

This equation basically implies the marginal rate of payment to labor is same as the marginal rate of product times the revenue it earns.

20> a

Bilateral monopoly is the situation when there is a single buyer and a single seller.

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