According to economists, economic self-interest: is a reality that underlies economic behavior. has the same meaning as selfishness. is more characteristic of men than of women. is usually self-defeating.
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According to economists, economic self-interest:
is a reality that underlies economic behavior.
has the same meaning as selfishness.
is more characteristic of men than of women.
is usually self-defeating.
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- like to be perceived. This underlying psychological force is what often spurs a person to fill this perceived gap (i.e., between where I am and where I want to be) through a purchase. The underlying force driving the individual to fill the gap is also referred to as the individual's:Please answer the multiple choice given in the image below. Provide a reasonable explanation for the answer.Fast-and-frugal heuristics fit within the theory of bounded rationality. True False
- A model of saintlihood and altruism, when Mother Teresa accepted the Nobel Prize for Peace in October 1979 and decided to use the $190000 award to build a hospital for the treatment of people with leprosy, was she acting in her own interests? was she behaving selfishly? was she economizing?Rational choice theory is an economic principle that assumes individuals always make prudent and logical decisions to maximize net benefit. True or falseThe field of economics is derived from the fact that humans all make rational choices. humans are self-interested. humans respond to incentives. the world has limited resources.
- Hamad is a biochemistry student who is considering taking an extra course in French. An incentive that might encourage him to take the French course is OPTIONS tougher grading than biochemistry a decrease in French teachers' wages an increase in French teachers' wages an increase in the price of room and board.Economics promotes which of the following as the way to make the best decision? Continue an enjoyable activity until you are tired of doing it. Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost. Continue an enjoyable activity as long as you do not have to pay for it. Continue an enjoyable activity until you cannot afford to pursue it.A personal economic decision that was driven by a behavioral bias rather than by pure rational behavior.
- When a company offers a new product or service, they estimate how much of that product or service people will want at different prices. This is referred to as the product or service demand. As the price of a product or service increases, the demand usually decreases, and this drives the price down. Companies use the estimated demand to determine how much of a product or service they are willing to supply at different prices. As the price of a product or service increases, companies are willing to supply more of it because they will earn more money. If you graph the demand and the supply curves on the same xy-plane, they will sometimes intersect at the point where the price and the supply are in equilibrium. Consider the scenario below. Yaseen is a local artist who wants to increase the amount of money she earns every month by selling at-home painting kits. These kits will include a photograph of the finished painting, a link and password to Yaseen’s YouTube channel where she will…Maggie is currently using the website Matchmaker.com to help her search for a new partner. Maggie is enjoying going on the dates she has arranged through this website. She believes the marginal benefits are more than the marginal costs from using the website. Which of the following statements is true? Maggie should always continue using Matchmaker.com as the benefits outweigh the cost. Maggie's opportunity cost from using Matchmaker.com will eventually start to rise and her benefits will eventually start to fall. Maggie should immediately cease using Matchmaker.com when she has a successful date. With her benefits per hour currently exceeding her costs per hour, Maggie is at the optimal level of information. Maggie's use of Matchmaker.com will become subject to diminishing returns to scale as her costs fall. 0000Which statement best explains how total utility affects production? A company should produce enough so that the revenue from the extra units exceeds the extra costs to produce them. A company should make just enough of a product so that the consumer is left wanting more. A company should stop producing when marginal returns begin to increase. A company should make as much of a product as possible in order to dominate the market.