When economists describe the theory of consumer choice,they
A) portray people as simple and methodical with perfectly predictable patterns of behavior.
B) assert that consumers decide which goods and services give them the greatest utility within their limited incomes.
C) point out that consumers rarely consider utility in their purchase decisions; they look at other factors like convenience,peer behavior,and price.
D) assert that the retail price is the only variable consumers really consider in making their purchasing decisions.
E) admit that consumer behavior is random and there is no credible economic theory to explain the phenomenon.
Correct Answer:
Verified
Q1: _ is the lack of satisfaction yielded
Q2: When attempting to explain why a consumer
Q2: Scenario 5.1
The demand for noodles is given
Q4: Suppose two out for coffee and donuts
Q6: Total utility is determined by:
A)multiplying the quantity
Q7: If the marginal utility of a product
Q8: The prices that people are willing to
Q9: The law of diminishing marginal utility states
Q11: Scenario 5.1
The demand for noodles is given
Q11: When marginal utility is negative,total utility is
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