What Technological Advancement Created for Mobile Devices Has Unleashed a New

question 82

Multiple Choice

What technological advancement created for mobile devices has unleashed a new era of pricing transparency for consumers?

• A)wireless apps
• B)text messaging
• C)mobile banking
• D)SIM cards
• E)GPS systems

Interpret the effects of special programs like food stamps on consumer purchasing power and choices.

Calculate the maximum amount of goods a consumer can buy based on their income and prices.

Analyze the impact of income sources and allowances on budget constraints and choices.

Apply the concept of opportunity cost to resource allocation in various scenarios.

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Definitions:

Goods

Tangible products or commodities that satisfy human wants and provide utility.

Mental Accounting

The tendency people have to create separate “mental boxes” (or “accounts”) in which they deal with particular financial transactions in isolation rather than dealing with them as part of an overall decision-making process that would consider how to best allocate their limited budgets across all possible options by using the utility-maximizing rule.

Price Changes

Variations in the cost of goods and services over time, influenced by inflation, supply and demand, and market dynamics.

Risk Averse

A description of an individual or entity's preference for avoiding loss over making a gain, indicating a higher value placed on avoiding risk than on potential rewards.