29) Although they realize that it's not universally true in reality, economic models assume that people are: A) rational B) act on the basis of self interest. C)will take some action if they perceive that the marginal benefits of doing so exceed the marginal costs. D)all of the above. 3 Show Transcribed Text C W A movement from the black to the red indifference curve/budget constraint indicates: A) the price of widgets has gone up, causing this consumer to consume fewer widgets (Z) and more zercs (Z). B) the price of widgets has gone up, causing the consumer to consume more widgets and fewer zercs. C) the price of widgets has gone down, causing the consumer to consume more widgets (W) and fewer zercs (A). D) the price of widgets has gone down, causing the conumer to consumer fewer widgets and more zercs.

29) Although they realize that it's not universally true in reality, economic models assume that people are: A) rational B) act on the basis of self interest. C)will take some action if they perceive that the marginal benefits of doing so exceed the marginal costs. D)all of the above. 3 Show Transcribed Text C W A movement from the black to the red indifference curve/budget constraint indicates: A) the price of widgets has gone up, causing this consumer to consume fewer widgets (Z) and more zercs (Z). B) the price of widgets has gone up, causing the consumer to consume more widgets and fewer zercs. C) the price of widgets has gone down, causing the consumer to consume more widgets (W) and fewer zercs (A). D) the price of widgets has gone down, causing the conumer to consumer fewer widgets and more zercs.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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