Behavioral economics is an approach to the study of consumer behavior
A) that emphasizes psychological limitations and complications that potentially interfere with rational decision making.
B) that emphasizes the capabilities of individuals to succeed in attaining all their unlimited wants utilizing limited resources.
C) that, in contrast to standard approaches in economics, utilizes the ceteris paribus assumption.
D) that, in contrast to standard approaches in economics, relies on real-world data to evaluate the usefulness of economic models.
A
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The marginal cost of extraction of a nonrenewable resource increases with passage of time because:
a. the technology used in extraction depreciates in value. b. the price of the product that uses this resource decreases. c. the exchange rate in the international market appreciates. d. the tragedy of commons problem arises. e. the resource gradually becomes scarce.
The Fed is dependent upon government policy, as witnessed by its actions in the early and mid-1980s
Indicate whether the statement is true or false