Studies of Human Decision-Making Show That

question 72

Multiple Choice

Studies of human decision-making show that

• A)firms are less likely to maximize profits than consumers are to maximize utility.
• B)firms are more likely to maximize profits than consumers are to maximize utility.
• C)people are irrational more often than they are rational.
• D)people are reluctant to change their minds.

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Definitions:

Innocent Purchaser

A buyer who acquires property without knowledge of any existing claims, disputes, or encumbrances against it.

Ultra HD TV

A television display technology that offers significantly higher resolution than the standard High Definition, providing sharper and more detailed images.

All-Terrain Vehicle

A vehicle designed for off-road travel on various types of terrain, often referred to as an ATV.

F.O.B.

A commercial term indicating that the seller is responsible for goods until they are loaded onto a transport at a specified location, at which point the buyer assumes risk and responsibility.