18. Behavioral economics concepts such as the winners curse, loss aversion, and

Question

18. Behavioral economics concepts such as the winners 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 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, endowment effect is cc ommon term in pshycolgy

19. d, the above expression tells us the marinal revenue product is equal to marginal cost .

20. a, bilateral monopoly is best described as single buyer and single seller.

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