Consider an inferior good. If the price of this good rises, then the substitution effect will cause you to buy less of the good, and the income effect will cause you to buy more of the good. Flag question: Question 15 Question 152 pts ________ is an experiment that tests the significance of fairness in consumer decision making. Group of answer choices The ultimatum game The consumer choice optimum The fairness challenge The Giffen paradox Flag question: Question 16 Question 162 pts Suppose Hana experiences a stronger negative emotional response to losing $100 compared to the positive emotional response she feels from gaining $100. This is an example of Group of answer choices Status Quo Bias Anchoring Bias Loss Aversion Endowment Effect Focusing Illusion Flag question: Question 17 Question 172 pts If marginal product is greater than average product, then Group of answer choices average product must be decreasing. average product must be increasing. average product must be constant. Flag question: Question 18 Question 182 pts What happens to fixed costs as production increases? Group of answer choices They decrease. They increase at first, but then decrease with very high output levels. They increase. They remain constant. Flag question: Question 19 Question 192 pts Which of the following statements are TRUE? Select all that apply. Group of answer choices When marginal cost is greater than average total cost, average total cost increases. As out