Which of the Following Is an Assumption Usually Made About

question 12

Multiple Choice

Which of the following is an assumption usually made about markets and market participants by economists?

• A)Market participants are interested in maximizing social welfare.
• B)Market participants are generally altruistic.
• C)Market participants engage in irrational behavior.
• D)Market participants confront scarce resources.

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Definitions:

Density-Independent Factor

An environmental factor that affects the size of a population but is not influenced by changes in population density. Compare with density-dependent factor.

Killing Frost

A severe frost event causing significant damage or death to vegetation, effectively ending the growing season for many plants.

Density-Independent Factor

A factor that affects the size of populations regardless of their density, such as weather or natural disasters.

Predation

A biological interaction where a predator organism kills and consumes another organism known as the prey.