As a Consumer You Believe Yourself to Act Rationally,optimally and Self-Interestedly.You

question 11

Multiple Choice

As a consumer you believe yourself to act rationally,optimally and self-interestedly.You like ice cream and value a pint at $7.Usually you buy a pint each week at $4.This week however,the price jumped to $5 a pint.What would you do?

• A)​buy the ice cream since the price is still below your maximum willingness to pay
• B)buy the ice cream since even at the new price it gives you a positive amount of consumer surplus
• C)not buy the ice-cream since the price is now higher
• D)​both A&B

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Definitions:

Interstate Commerce

Trade, traffic, or transportation involving the movement of goods or services across state lines within the United States.

Tariffs

Taxes imposed by a government on imported or exported goods to protect domestic industries from foreign competition or to generate revenue.

Economic Decisions

The choices made by individuals, companies, or governments regarding the allocation of resources, investments, and policy formulations to influence the economy.

Ratification Debate

The intense discussion and argument that took place around the adoption of the United States Constitution by the states.