The formula for the slope across an arc is used to approximate the slope for
A) linear relationships only.
B) a curved line.
C) a positive relationship only.
D) a negative relationship only.
B
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According to the rational choice model developed in the text, which statement below is false?
a. people would be less happy if they exchanged money rather than things at Christmas b. Individual preference patterns do not change because prices change c. consumers behave as if they did cost-benefit analysis on every purchase d. cash grants are always better than in-kind gifts e. none of the above
When economists say an individual displays economizing behavior, they simply mean that she is
a. making a lot of money. b. buying only those products that are cheap and of low quality. c. learning how to run a business more effectively. d. seeking the lowest cost method to accomplish her objectives.