A Reference Point Refers To

question 30

Multiple Choice

A reference point refers to:

• A) a point of equilibrium in the indifference map from which consumers may deviate.
• B) a statement or assumption in basic consumer theory that serves as a starting point of contention in the theory of behavioral economics.
• C) the point from which an individual makes a consumer decision.
• D) the point of utility maximization from which a consumer departs, only to return later to it.

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Definitions:

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