
Microeconomics:
4th Edition
ISBN: 9781464143878
Author: Paul Krugman
Publisher: Worth Publishers
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Question
Chapter 9, Problem 11P
To determine
To explain:
The whether the decision is rational or irrational based on the given situations
Concept Introduction:
Rationality: The concept rationality means that the people don’t make decisions that make them worse off.
Irrationality: The irrationality is just opposite of the rationality that is people make decisions that make them worse off.
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