When economists say that people act as rational decision makers, that means
a. they gather all relevant information before making their purchases
b. once a pattern of behavior has been established, people tend to become set in their ways
c. people respond in predictable ways to changes in costs and benefits
d. people rarely make errors when they are permitted to make transactions
e. once made, decisions are never reversed
C
You might also like to view...
In the Keynesian cross diagram, a decline in autonomous consumer expenditure causes the aggregate demand function to shift down, the equilibrium level of aggregate output to ________, and the IS curve to shift to the ________,
everything else held constant. A) rise; left B) rise; right C) fall; left D) fall; right
You are assigned a group project for the class, you will be graded as a group, and your individual grade will be decided on the group's performance relative to other groups. Would you like this arrangement?
What will be an ideal response?
Collusion is most likely to succeed when there are ___________ firms in an industry.
Fill in the blank(s) with the appropriate word(s).
The gold standard was helpful in stabilizing economies during the Great Depression
Indicate whether the statement is true or false