During Your First Session of This Class, Your Instructor Introduced

question 16

Multiple Choice

During your first session of this class, your instructor introduced him or herself and you probably respected his or her position as an authoritative figure in the classroom. Which of the following classification schema likely helped you organize that information?

• A) physical constructs
• B) role constructs
• C) interaction constructs
• D) psychological constructs

---

Definitions:

Rational

In economics, refers to individuals making decisions that will provide them with the greatest benefit or satisfaction given their limited resources.

Budget Constraints

The limitations on a consumer's ability to purchase goods and services based on their income and the prices of goods and services.

Preferences

Describes individuals' choices and priorities among different bundles of goods and services.

Indifference Curves

A graph showing a series of lines that represent different bundles of goods between which a consumer is indifferent.