After browsing several pairs of shoes,Bob buys a pair of Nike running shoes.Economists would say that:
A) Bob is revealing his strong distaste for New Balance running shoes.
B) Bob is revealing he will always choose Nike over any other shoe brand.
C) Bob will get more utility per dollar from the Nike running shoes than any other in the store.
D) Bob made a poor choice, if he really prefers Adidas.

Question

Quizplus · Accepted Answer

Economists would say that Bob made the rational choice of purchasing the Nike running shoes because he believes that he will get the most utility (satisfaction) per dollar spent on this particular pair of shoes compared to the others in the store. This does not necessarily mean that Bob will always choose Nike over any other shoe brand or that he dislikes other brands. It simply means that he believes he will derive the most benefit from the product he has chosen to purchase.

After Browsing Several Pairs of Shoes,Bob Buys a Pair of Nike