Economists Have Used the Ultimatum Game and the Dictator Game

question 279

Multiple Choice

Economists have used the ultimatum game and the dictator game in experiments designed to determine

• A)whether consumers care about fairness when they make decisions.
• B)whether consumers believe it is fair for producers to raise the price of a product for which there is excess demand.
• C)whether consumers understand the difference between implicit costs and explicit costs.
• D)whether consumers understand the rule of equal marginal utility per dollar spent.

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Definitions:

Regression Analysis

A statistical method used for estimating the relationships among variables, often used to predict the outcome of a dependent variable based on the changes in one or more independent variables.

SWOT Analysis

A strategic planning tool used to identify a company's internal Strengths and Weaknesses, as well as external Opportunities and Threats.

Data Mining

The practice of examining large databases in order to generate new information or find hidden patterns and insights.

Staircase Analysis

An evaluative technique that segments a process or development into distinct levels or phases for detailed assessment and review.