When Economists Say an Individual Displays Economizing Behavior, They Simply

question 71

Multiple Choice

When economists say an individual displays economizing behavior, they simply mean that she is

• A) making a lot of money.
• B) buying only those products that are cheap and of low quality.
• C) learning how to run a business more effectively.
• D) seeking the lowest cost method to accomplish her objectives.

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Definitions:

Posterior Probabilities

The revised probabilities of scenarios or hypotheses being true, adjusted after taking into account new evidence or information.

Conditional Probabilities

The probability of an event occurring given that another event has already occurred.

Proper Sample Space

The set of all possible outcomes of a statistical experiment.

Intersection

In mathematics, the set containing all elements that are common to two or more sets.