A Defense for the Assumption That Consumers Maximize Is That

question 63

Multiple Choice

A defense for the assumption that consumers maximize is that

• A) consumers never make mistakes.
• B) mistakes by the consumer are not likely to last for a long time.
• C) it allows for many possible outcomes.
• D) mistaken consumers may receive counseling from the government.
• E) mistakes by consumers only last for two periods.

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Definitions:

Existential Generalization

A logical inference rule that allows for the conclusion that something exists based on the existence of a particular instance.

Quantifier Negation

The act of negating the quantifier in a logical statement, which changes the scope or range of the statement.

Universal Generalization

A conclusion drawn about all things in a certain category, based on observations or evidence from some members of that category.

Existential Instantiation

A logical rule inferring the existence of at least one instance of a predicate; used in proofs to show something exists.