Which of the following is an example a lack of self-control that contradicts the conclusions of standard economic analysis?
A) Eating more food at an all-you-can-eat buffet
B) Playing video games all night even with an exam the following morning that will determine your semester grade
C) Decreasing the purchase of steak if the price increases 25%
D) all of the above

Question

Quizplus · Accepted Answer

Standard economic analysis assumes that individuals always act in their best interest and have perfect self-control. However, the choice to play video games all night instead of studying for an important exam contradicts this assumption and demonstrates a lack of self-control. Choosing to consume more food at an all-you-can-eat buffet and decreasing the purchase of steak in response to a price increase can be explained by rational economic behavior.

Which of the Following Is an Example a Lack of Self-Control