To an economist, rational behavior means:
A) that an individual is sane
B) that consumers and producers are purposeful and consistent
C) that people do the best that they can given the constraints that they face
D) B and C only
Correct Answer:
Verified
Q11: A rational individual would never:
A) drive a
Q12: When an economist says that an apple
Q13: An economist should never:
A) make value judgements
Q14: If the price of gasoline increases significantly
Q15: An increase in the per capita income
Q17: The Law of Diminishing Marginal Utility implies
Q18: If TU is increasing, then MU is:
A)
Q19: A person who has eaten so much
Q20: The marginal rate of substitution is the
Q21: Convexity of the indifference curve is due
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