An Assumption of Economists' Standard Theory of Choice Is That

question 119

Multiple Choice

An assumption of economists' standard theory of choice is that:

• A) individuals maximize marginal utility.
• B) preferences are given and are not shaped by society.
• C) it is costly for a consumer to make optimal choices.
• D) individuals use rules of thumb to make decisions.

---

Definitions:

Affirmative Action

is a policy or a set of measures aimed at increasing opportunities for underrepresented groups in education, employment, and other areas.

Minority Students

Pupils who come from racial, ethnic, cultural, or other groups that are underrepresented or marginalized in the educational system.

Primary Dimensions

Fundamental or core aspects of something that define its structure, function, or operation.

Prejudge

Forming an opinion before becoming aware of the relevant facts of a case.