Rational Economic Decision Makers Will Make a Change Only If

question 12

Multiple Choice

Rational economic decision makers will make a change only if

• A)the change is free of risk
• B)there are no costs involved
• C)their expectations are correct
• D)there is no uncertainty about the results of the change
• E)the expected marginal benefit exceeds expected marginal cost

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Definitions:

Model Guidelines

Prototype or standard guidelines used as a reference point or example in a particular field or industry.

Represent

To act on behalf of another person or group in a legal setting or to depict or portray something in a specified manner.

Court

An institution where legal disputes are resolved through the adjudication process by judges and sometimes juries.

Judge

An official appointed to decide cases in a court of law.