Economists Assume That Consumers Make Rational and Consistent Decisions

question 58

True/False

Economists assume that consumers make rational and consistent decisions.

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Definitions:

Individualism

A belief system that advocates for individual liberties and actions rather than oversight by collective entities or the government.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity, often determining what is good or acceptable in society or a profession.

Myers-Briggs Type Indicator

A psychological assessment tool that categorizes individuals into personality types based on their preferences in perception and decision-making.

Utilitarian Principle

An ethical framework suggesting that the best course of action is the one that maximizes overall happiness or well-being and minimizes harm or suffering.