Behavioral economists focus on the assumption that
A) consumers have limitations that prevent them from examining all possible choices when they make decisions.
B) consumer behavior cannot be predicted by economics.
C) consumers are irrational and so they do not seek to maximize utility.
D) consumer choice is perfectly predictable by basic economic theory.
Answer: A
Economics
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The phenomenon of equipment or structure going through "wear and tear" and eventually becoming obsolete is referred to as:
A) depreciation. B) capital tear. C) intertemporal loss. D) creative destruction.
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What are the Nash equilibrium strategies for Firm A and Firm B respectively?
a. Low, Low b. Low, High c. High, Low d. High, High
Economics