« previous next »

Author Question: What is the basic assumption underlying the model of choice?[br][br][b][color=gray]Question ... (Read 70 times)

moongchi

  • Hero Member
  • *****
  • Posts: 516
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

  • Sr. Member
  • ****
  • Posts: 280
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

moongchi

  • Hero Member
  • *****
  • Posts: 516
Reply #2 on: Jun 30, 2018
Thank you


Awesome

  • Sr. Member
  • ****
  • Posts: 280
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

According to research, pregnant women tend to eat more if carrying a baby boy. Male fetuses may secrete a chemical that stimulates their mothers to step up her energy intake.

Watson and Crick and their model of the DNA double helix Watson and Crick and their model of the DNA double helix
Question Question
genetic code: The basic principle of translation genetic code: The basic principle of translation
A schematic model of the effects of cholesterol on synthetic membrane structure A schematic model of the effects of cholesterol on synthetic membrane structure
Can you identify the banding patterns predicted by each model after the first round of ... Can you identify the banding patterns predicted by each model after the first round of ...
The sliding-filament model The sliding-filament model
Video: HIV Infection: Viral life cycle

For a complete list of videos, visit our video library