The following statement is a defense of conventional models of consumer behavior against the objections of behavioral economists: Even if many participants in a market do not behave rationally, those who consistently maximize utility will have the greatest effect on market prices and outcomes.

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This statement is arguing that even if some participants in a market do not behave rationally, as long as there are enough participants who consistently maximize utility, their behavior will have the greatest influence on market outcomes. This is a defense of conventional models of consumer behavior, which assume that consumers act rationally and make choices based on their preferences and available information. Behavioral economists have criticized this assumption, arguing that consumers often make irrational decisions due to cognitive biases and heuristics. However, this defense suggests that even if some consumers are irrational, their behavior will be outweighed by the behavior of those who are rational and consistently maximize utility.

The Following Statement Is a Defense of Conventional Models of Consumer