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:

Common Hepatic Duct

A duct in the liver that conveys bile from the liver to the cystic duct and then to the gallbladder.

Bile

Bile is a digestive fluid produced by the liver and stored in the gallbladder that aids in the digestion and absorption of fats in the small intestine.

Pepsinogen

The inactive precursor of pepsin, an enzyme that breaks down proteins in the stomach.

Ileocecal Valve

A valve located between the ileum (last portion of the small intestine) and the cecum (first part of the large intestine) that controls the flow of digested food.