1. Pranav is deciding what to drink from a cooler that contains cans of soda pop and iced tea. When Pranav chooses iced tea, we assume that he will receive more utility from drinking iced tea than soda pop. Which economic concept is this conclusion based on? A. Satisfaction scales B. Revealed preference C. Rational behavior I Itility
1. Pranav is deciding what to drink from a cooler that contains cans of soda pop and iced tea. When Pranav chooses iced tea, we assume that he will receive more utility from drinking iced tea than soda pop. Which economic concept is this conclusion based on? A. Satisfaction scales B. Revealed preference C. Rational behavior I Itility
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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