Author Question: The term self-interest, as viewed by economists, means that: a. consumers never pay more for a good ... (Read 29 times)

Engineer · **on:** Jun 30, 2018

The term self-interest, as viewed by economists, means that:
a. consumers never pay more for a good simply because it carries a certain designer label.
b. only economists are capable of making choices according to rational self-interest.
c. people never act in their self-interest until they have perfect information.
d. consumers always seek the least expensive option when making a purchase, regardless of individual preferences.
e. people make choices that, given the information available, gives them the greatest amount of satisfaction.

Question 2

The amount of additional satisfaction derived from an additional unit of a good or service is called:
a. total utility.
b. marginal cost.
c. total cost.
d. marginal utility.