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.

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Definitions:

Personal Selling

A marketing approach involving direct interaction between a salesperson and a potential buyer to influence the latter's purchase decision.

Mass Production

The manufacturing of large quantities of standardized products often using assembly lines or automated technology, which can lead to economies of scale.

Product Orientation

A business approach that focuses on improving and selling a product without prioritizing customer needs or market demands.

Consumer Orientation

A business approach that prioritizes identifying and satisfying the preferences, needs, and expectations of consumers.