When economists observe someone make a choice, they assume the individual chooses:
A. what gives her the least utility.
B. what gives her the most utility.
C. what creates the most utility for society.
D. what is the most efficient choice.
B. what gives her the most utility.
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Which seller is "selling short"?
A) Colleges that require the entire term's tuition prior to the first day of class B) A magazine that sells you a two-year subscription C) A major league baseball team that sells you a season ticket D) They are all selling short. E) None is selling short because all are reducing their risks.
The market demand is the:
a. sum of all individual demand curves in a market. b. sum of all individual prices in a market. c. sum of all individual demand curves and supplies in a market. d. vertical sum of all individual demand curves.