Refer to Table 8

question 2

Multiple Choice

$$\begin{array}{l}\begin{array} { | c | c | } \hline \text { Good } & \begin{array} { c } \text { Price Increase since } \\\text { Last Year }\end{array} \\\hline \text { Amusement park tickets } & 5.0 \% \\\hline \text { Bowling balls } & 4.2 \% \\\hline \text { Camouflage neckties } & 3.1 \% \\\hline\end{array}\\\text { Table } 8.1\end{array}$$ Refer to Table 8.1,which gives hypothetical data on price changes for three goods.If the overall rate of inflation in the economy was 3.5%,which good(s) experienced a relative price increase?

• A) Amusement park tickets only.
• B) Amusement park tickets and bowling balls.
• C) Camouflage neckties only.
• D) All three goods experienced relative price increases.

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Definitions:

Rational Model

A decision-making model that involves a structured and logical process to arrive at a decision.

Possible Alternatives

Other options or choices available in a decision-making process, considered when the primary plan or choice is unavailable or unsuitable.

Decision Maker

An individual or group responsible for making choices or judgments based on available information, aiming to achieve the best possible outcome.

Bounded Rationality

A theory that suggests that there are limits to how rational a decision maker can actually be.