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Author Question: What is the basic assumption underlying the model of choice?[br][br][b][color=gray]Question ... (Read 119 times)

moongchi

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on: Jun 30, 2018
What is the basic assumption underlying the model of choice?

Question 2

Other things being equal, if there is an increase in the price of the good measured on the vertical axis, the budget constraint will shift outward.
 a. True
  b. False
  Indicate whether the statement is true or false


Awesome

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The model of choice starts by assuming that people want to make themselves as well off
as possible. In other words, people try to maximize utility.

Answer to Question 2

False


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moongchi

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Reply #2 on: Jun 30, 2018
Thank you


Awesome

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Reply #3 on: Jun 30, 2018
No problemo


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