1-The theory of rational behavior
options:
implies that people will always take the time to make perfectly informed decisions.
is an assumption that economists make to have a useful model for how decisions are made.
assumes that people will behave in the best interest of society as a whole.
none of the answers is correct
2-Elasticity is relevant when trying to understand
options:
how a change in price affects quantity supplied, how a change in price affects quantity demanded, and how raising a tax on a good affects the revenue from the tax.
how a change in quantity demanded affects price, how a change in quantity supplied affects price, and the burden of taxes on consumers.
how a change in quantity demanded affects price and how a change in quantity supplied affects price.
the burden of taxes on consumers.
Hi there! Click one of our representatives below and we will get back to you as soon as possible.