According to the principle of rational choice, a consumer should spend money on those goods which provide the most marginal utility per dollar.
Answer the following statement true (T) or false (F)
True
Refer to the discussion of the principle of rational choice in the textbook.
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If a used-car dealer enjoys economic profits, then
A) as a group, its customers necessarily suffered a like amount in economic losses. B) as a group, its customers were necessarily made worse off. C) as a group, its competitors necessarily suffered economic losses. D) all of the above are true. E) none of the above is true.
Describe in words how the business department in your college decides how many majors to offer when the range is from one general major to perhaps a half dozen or more possibilities.
What will be an ideal response?
The relocation of production that was once done in the U.S. to foreign nations is called
A. insourcing. B. outsourcing. C. technological change. D. unfair trade.
Consider the following game. You roll a six-sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. Since the expected value of this game is $0, the game is called a(n)
A. fair bet. B. even game. C. zero sum game. D. gamble.