Just Before Class, Jim Tells Stuart, "Stuart, You Shouldn't Skip

question 70

Multiple Choice

Just before class, Jim tells Stuart, "Stuart, you shouldn't skip class today because you have paid tuition to enroll in the class." Stuart ignores Jim's advice, and instead makes the decision of whether to attend based on what he feels he'd be missing that day in class relative to his value of the extra time he could have to finish the video game he is playing. To an economist, Stuart is

• A) using marginal decision making.
• B) ignoring the total value of attending class.
• C) ignoring the concept of opportunity cost.
• D) committing the fallacy of composition.

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Definitions:

Network

A structured arrangement of nodes (which can be individuals, organizations, or computers) connected by links which facilitate the exchange of information or resources.

Social Group

A group of people who communicate with each other, possess common traits, and together feel a sense of belonging or identity.

Negotiating

The process of discussing something with someone in order to reach an agreement or compromise.

McGrath's Model

A theoretical framework proposed by Joseph E. McGrath that categorizes group tasks into four types: generating, choosing, negotiating, and executing, to understand and predict group performance and interaction.