The Field of Economics That Draws on Insights from Psychology

question 71

Multiple Choice

The field of economics that draws on insights from psychology to expand models of individual decision-making is ________ economics.

• A) psychology
• B) behavioral
• C) personality trait
• D) activity-based
• E) decision-making optimization

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Definitions:

Basic Characteristics

Fundamental or inherent qualities or attributes that define or determine the nature of something.

Specific High Goal

A clearly defined, ambitious objective that an individual or group strives to achieve.

Complex Task

A task that involves multiple steps, considerations, or skill sets, often requiring significant effort and problem-solving.

Monopolistically Competitive

Describes a market structure in which several or many sellers each produce similar, but slightly differentiated products, and each has some control over price.