The rationality assumption says that
A) people do not intentionally make decisions that would leave them worse off.
B) people never make decisions that would leave them worse off.
C) people do not respond to incentives since incentives require scarce resources.
D) all economic analysis must be normative.
Question 2
We are given the individual demand curves for all of the people that consume Good Y. Which statement is TRUE about the market demand curve for Good Y?
A) The market demand curve is obtained by horizontally summing the individual demand curves.
B) The market demand curve is obtained by vertically summing the individual demand curves.
C) The market demand curve cannot be obtained because information on prices is missing.
D) The market demand curve cannot be obtained from individual demand curves.
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