Does fairness play a fundamental role in economic models of household and firm behaviour
A)No, an innate sense of fairness plays no role.
B)No, maximization of utility and profits play an insignificant role.
C)No, inertia plays a significant role.
D)No, consumer preferences play no role.

Question

Quizplus · Accepted Answer

Fairness does play a role in economic models, as it can influence decision-making and behavior in households and firms. However, option A is incorrect because it suggests fairness plays no role, which is not true.

Does Fairness Play a Fundamental Role in Economic Models of Household