Ch8 (19) : Consumer choice Flashcards by Tomis Erwin | Brainscape

Q

Rational Choice Theory

A

Rational Choice Theory — self-interest

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Principle of Diminishing Marginal Utility

A

–

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Principle of Rational Choice

A

–

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Relationship between Marginal Utility & Price

A

when a consumer is maximizing total utility….

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

How Rational Choice relates to Laws of Demand & Supply

A

–

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

Three Assumptions of “The Theory of Choice”

A

and why they may not reflect reality…

How well did you know this?

1

Not at all

2

3

4

5

Perfectly