When economists say that people act as rational decision makers, that means
a. they gather all relevant information before making their purchases
b. once a pattern of behavior has been established, people tend to become set in their ways
c. people respond in predictable ways to changes in costs and benefits
d. people rarely make errors when they are permitted to make transactions
e. once made, decisions are never reversed
Question 2
Economists believe that people respond in a predictable way to changes in costs and benefits. The term that best describes this phenomenon is
a. opportunity cost
b. scarcity
c. innovation
d. marginal analysis
e. other things equal (or ceteris paribus)
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