Rationality Implies That in Order to Get What They Want,people

question 166

Multiple Choice

Rationality implies that in order to get what they want,people will spend the most time and effort _____

• A)making private market decisions.
• B)electing the median voter.
• C)investigating political candidates' platforms.
• D)supplying more of the taxed resource so that their disposable income does not decline.
• E)understating their true valuation of public goods and services.

Identify the effects of economic conditions (e.g., income changes, production cost changes) on market equilibrium.

Analyze the impact of external factors (e.g., diets, technological advances) on demand or supply.

Predict market outcomes when both supply and demand are affected simultaneously.

Distinguish between movements along the curve and shifts of the curve in supply and demand analysis.