When economists describe the theory of consumer choice, they
a. portray people as simple and methodical with perfectly predictable patterns of behavior.
b. assert that consumer's decisions are based on which goods and services give them the greatest utility within their limited incomes.
c. point out that consumers rarely consider utility in their purchase decisions; they look at other factors like convenience, peer behavior, and price.
d. assert that the retail price is the only variable consumers really consider in making their purchasing decisions.
e. admit that consumer behavior is random and there is no credible economic theory to explain the phenomenon.
Question 2
Which of the following most accurately describes the long-run period?
a. The long run is a period of time in which a firm is unable to vary some of its factors of production.
b. In the long run, the firm is able to expand output by utilizing additional workers and raw materials, but not physical capital.
c. The long run is of sufficient length to allow a firm to alter its plant capacity and all other factors of production.
d. The long run is of sufficient length to allow a firm to transform economic losses into economic profits.
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