One Reason That Consumers and Businesses Might Not Act Rationally

question 86

Multiple Choice

One reason that consumers and businesses might not act rationally is

• A)it is difficult to obtain enough information about the elasticities of demand and supply.
• B)they may not realize their actions are inconsistent with their goals.
• C)consumer tastes change constantly.
• D)they do not always value fairness when they make choices.

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Definitions:

Learning Approach

A theory or method that emphasizes the importance of the environment and experiences in the learning process.

Hereditary Predisposition

Genetic factors passed down from parents to offspring that may increase the likelihood of developing certain conditions or diseases.

Abnormal Behavior

Abnormal behavior refers to patterns of emotion, thought, and action deemed pathological for one or more reasons, including distress, dysfunction, or deviation from societal norms.

Binge-Eating Disorder

An eating disorder characterized by recurrent episodes of eating large quantities of food, often quickly and to the point of discomfort, with a feeling of a loss of control during the binge.