The table below shows the total utility associated with various units of goods X and Y.Table 7.5

-The study of decision making that assumes people are rational in a broad sense, even if they do not have complete and perfect information is called _____.
A)rational economics
B)reasonable economics
C)understandable economics
D)behavioral economics
E)optimal economics

Question

The table below shows the total utility associated with various units of goods X and Y.Table 7.5
 
-The study of decision making that assumes people are rational in a broad sense, even if they do not have complete and perfect information is called _____.
A)rational economics 
B)reasonable economics 
C)understandable economics 
D)behavioral economics 
E)optimal economics

Quizplus · Accepted Answer

Behavioral economics combines insights from psychology and economics to explore how people actually make decisions, often under conditions of uncertainty and with limited information, challenging the assumption of perfectly rational decision-making found in traditional economic theory.

The Table Below Shows the Total Utility Associated with Various