_____ Is Based Upon the Assumption That People Are Predictable

question 6

Multiple Choice

_____ is based upon the assumption that people are predictable and will maximize the utility of their choices relative to their needs and wants.

• A)Rational economics
• B)Socialism
• C)Capitalism
• D)Behavioral economics
• E)Consumerism

Comprehend the role of avoidable costs in discontinuing a business segment or product.

Evaluate financial decisions involving special orders and use of idle capacity to increase profits.

Understand the ethical theories and approaches in decision making.

Identify the steps of a general framework for ethics.

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Definitions:

Consumer Protection

Laws and regulations designed to ensure the rights of consumers, fair trade, and accurate information in the marketplace.

Charitable Donation

A gift made to a charitable organization, often tax-deductible for the donor.

Enforceable

A term describing a contract or provision that is legally binding and can be upheld in court.

Postbox Rule

A legal principle in contract law stating that an offer is considered accepted at the moment the acceptance is dispatched by the offeree, not when it is received by the offeror.