Wilkin and Others (2010)conducted a Study Where American and Japanese

question 90

Multiple Choice

Wilkin and others (2010) conducted a study where American and Japanese participants were asked about their favorite musical artists,TV shows,and restaurants,among other preferences.They found that

• A)the Japanese participants reported liking their favorites for a shorter time than the Americans did.
• B)Americans were more impacted by the preferences of their friends than were the Japanese participants.
• C)Japanese participants reported more discomfort in identifying their favorites than did the Americans.
• D)Americans were more likely to report that they had a wide variety of favorites at one time,while Japanese participants selected only one or two favorites at a time.

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Definitions:

Shift

In economics, a movement or change in the position of a supply or demand curve in response to external factors.

MC, AVC, ATC Curves

Graphical representations in economics of the marginal cost, average variable cost, and average total cost, respectively, which firms use for production and pricing decisions.

Economies of Scale

Cost advantages that businesses obtain due to the scale of operation, with cost per unit of output generally decreasing with increasing scale.

Long-Run Average Total Cost Curve

A curve that shows the lowest average cost at which a firm can produce any given level of output in the long run, when all inputs are variable.