Ch8 (19) : Consumer choice Flashcards by Tomis Erwin

Q

Rational Choice Theory

A

Rational Choice Theory — self-interest

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Q

Principle of Diminishing Marginal Utility

A

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Q

Principle of Rational Choice

A

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Q

Relationship between Marginal Utility & Price

A

when a consumer is maximizing total utility….

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Q

How Rational Choice relates to Laws of Demand & Supply

A

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Q

Three Assumptions of “The Theory of Choice”

A

and why they may not reflect reality…

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