Economists Assume That Consumers Seek to Maximize

question 86

Multiple Choice

Economists assume that consumers seek to maximize:

• A) usefulness.
• B) profit.
• C) utility.
• D) time.

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Definitions:

Ebbinghaus

A psychologist who pioneered the experimental study of memory and is best known for his discovery of the forgetting curve and the spacing effect.

Forgetting Curve

A graphical representation of the decline in memory retention over time, showing how information is lost when there is no attempt to retain it.

Newly Learned Information

Knowledge or data that has been recently acquired through learning or education.

Rapid

Occurring in a short time or at a fast pace, often used to describe movements, changes, or reactions.