When Economists Describe the Theory of Consumer Choice,they

question 94

Multiple Choice

When economists describe the theory of consumer choice,they

• A)portray people as simple and methodical with perfectly predictable patterns of behavior.
• B)assert that consumers decide which goods and services give them the greatest utility within their limited incomes.
• C)point out that consumers rarely consider utility in their purchase decisions; they look at other factors like convenience,peer behavior,and price.
• D)assert that the retail price is the only variable consumers really consider in making their purchasing decisions.
• E)admit that consumer behavior is random and there is no credible economic theory to explain the phenomenon.

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Definitions:

Left Lung

The lung on the left side of the body, which is smaller than the right lung and consists of two lobes to accommodate the heart.

Umbilical Vein

The blood vessel in a developing embryo and fetus that carries oxygenated blood from the placenta to the growing baby.

Ligamentum Venosum

A fibrous remnant of the fetal ductus venosus that connects the left branch of the portal vein to the inferior vena cava.

Ligamentum Arteriosum

A small ligament that is the remnant of the ductus arteriosus formed within three weeks after birth.