If It Takes You an Hour to Make a Rational

question 31

Multiple Choice

If it takes you an hour to make a rational decision and the opportunity cost of that hour is $100, you will:

• A)always make rational decisions.
• B)make rational decisions only if the benefit from doing so exceeds$100.00.00.
• C)make rational decisions only if the benefit from doing so is less than$100.00.00.
• D)never make rational decisions.

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Definitions:

Communicated

The act of conveying, transmitting, or exchanging information or ideas through various means.

Traditional Contract Rules

The conventional principles and laws applied in the formation, interpretation, and enforcement of contracts.

Internet Transactions

Commercial or financial transactions conducted electronically on the internet.

Acceptance

The act of agreeing to the terms of an offer, thereby forming a contract.