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When individuals face viable alternatives,
a) there is choice
b) there is always cost
c) A and B
d) rational behavior is not possible
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- Rational Behavior imples that a) a person recognizes the real cost of acquiring or doing something. b) a person will choose among preferences so as to maximize his or her satisfaction c) a person has prefernces and can identify them d) all of the aboveWhat is "bounded rationality"? a. Gathering all necessary information before making a decision. b. People only make choices that gives non-negative utility. c. Limits on information, time, and abilities might prevent people from seeking out the best possible outcome. d. Human beings are often restricted/forced to make only rational decisions.True or false. Maximizing choices occur when combinations of two goods are made such that they are affordable and achieve the highest indifference curve (i.e. the highest utility).
- Pls help to complete below homework : Pls explain in details why selected option is correct.A company has a dental plan for its employees. According to behavioral economics, the participation rate will be about the same wether people are given en easy enrollment form to fill out or are enrolled automatically but given en easy opt-out form to complete if they don’t want to participateWhich of the following about emotional influence on decision making is true? People generally make rational decisions that maximize desirable outcomes in the absence of emotions Only emotions that are relevant to the decision at hand have any influence on that decision People tend to overestimate their predicted negative emotions resulting from a decision's outcomes People are equally angry about unfair offers in the ultimatum game from computers and from other human players
- Solve in 5 min good rating will be given Rajiv is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Rajiv has only 15 hours available to devote to his training this week. Each hour he spends skiing is one hour that cannot be spent working onhis shooting. Which basic principle of individual choice do these statements best illustrate?When Alicia looses $100 reacts much stronger than when she finds a $100 bill. This is referred to as______________________. normal rational behavior shortage loss aversionUsing a diagram, draw the outcome of optimal choice using an indi↵erence curve and the individual’s lifetime budget constraint.
- Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.Discuss the impact of rational self-interest on each of the following decisions: a. Whether to attend college full time or enter the workforce full time. b. Whether to buy a new textbook or a used one. c. Whether to attend a local college or out of town college.Opportunity Cost a) never exists if there are alternatives. b) is irrelevant to rational choice c) is the value of the next best alternative foregone in making a choice d)never applies to government or public policy