Not Buying Junk Food While Doing the Weekly Shopping and Forcing

question 89

Multiple Choice

Not buying junk food while doing the weekly shopping and forcing an extra trip to the store to acquire it is an example of:

• A) increasing the cost of a vice.
• B) a commitment device.
• C) how people compensate for time-inconsistent decisions.
• D) All of these are true.

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Definitions:

Sellers Receive

The amount of money that sellers are paid for their goods or services, after accounting for costs and expenses.

Tax Imposed

A compulsory financial charge or some other type of levy placed upon a taxpayer by a governmental organization to fund government spending and various public expenditures.

Consumer Surplus

The gap between what a consumer is prepared to spend on a good or service and the price they actually end up paying.

Market Equilibrium

A condition or state in an economy where supply and demand are equal, leading to stable prices and quantities.