Suppose passengers on an airplane are randomly assigned to seats that are either on the aisle or by the window. knowing that all passengers would prefer a seat by the window, the head flight attendant asks those who were assigned to an aisle seat how much they would be willing to pay to get a window seat instead. on average, the flight attendant finds that they would pay $20. drawing on the insights of behavioral economics, you would expect that (on average) passengers who are initially assigned to a seat by the window would not be willing to accept $20 to switch to an aisle seat. this is an illustration of

The manager of a branch office of banco mexicali observed that during peak hours an average of 20 customers arrives per hour and that there is an average of 6 customers in the branch office at any time. how long does the average customer spend waiting in line and being serviced?

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

What is a sort of auction for stocks in which traders verbally submit their offers?