For Mathematical Convenience,assuming That People Are Fully Rational and Self-Interested

question 91

Multiple Choice

For mathematical convenience,assuming that people are fully rational and self-interested

• A) clearly does not mean that people really are fully rational and self-interested all the time.
• B) clearly means that people really are fully rational and self-interested all the time.
• C) is a practice never followed by economists,but is often followed by psychologists.
• D) is a practice always followed by behavioral economists.
• E) is a practice that is banned in most states by professional ethics laws.

---

Definitions:

New Equilibrium Quantity

This refers to the quantity at which supply and demand are equal at a new price level after changes in the market.

Law of Demand

A principle stating that as the price of a product decreases, the quantity demanded increases, and vice versa, all else being equal.

Education Provided

The act or process of imparting or acquiring knowledge, skills, or values through various methods such as schooling, training, or research.

School-age Population

The group within a population that falls within the mandatory schooling age range, typically considered as children and adolescents.