Which of the following scenarios depicts a rational buyer?
A) Mary values a bag of salad at $2, but she buys the bag of salad even when the price is $4.
B) John walks into a grocery store and purchases monthly groceries without paying attention to the prices of groceries.
C) Darwin buys a can of shoe polish at $4.50 when his marginal benefit from it is $3.75.
D) Damien chooses to buy a sandwich for $5 when the marginal benefit of the sandwich to him is $7.
Correct Answer:
Verified
Q11: Which of the following scenarios illustrates the
Q12: When plotting a demand curve,
A)quantity demanded is
Q13: When plotting a demand curve
A)quantity demanded is
Q14: A rational buyer will:
A)keep buying a product
Q15: The Rational Rule for Buyers
A)compares the total
Q17: The demand curve
(i) is a curve that
Q18: Which of the following would be considered
Q19: Diminishing marginal benefit:
A)is when buying an additional
Q20: Diminishing marginal benefit
A)does not affect a buyer's
Q21: On a hot sweltering day, you feel
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