When a decision maker chooses the option leading to the outcome that he or she m

Question

When a decision maker chooses the option leading to the outcome that he or she mo prefers, he or she has made a 18. decision. A) irrational B) rational C) profit-maximizing D) loss-minimizing 19. When a decision maker makes a quick decision without taking the time to compare the opportunity cost of all possible options, he is using: A) bounded rationality. B) risk aversion. C) loss aversion. D) the status quo. 20. An indifference curve is a line that shows all of the consumption bundles that: A) an individual can purchase with a given income. B) yield the same total utility for an individual C) yield the same marginal utility. D) have the same marginal rate of substitution.

Explanation / Answer

First question is answered below

18.

Correct option: (b) rational

Reason: In case of rational decission, it is the most likely and obvious decision or choice made by the consumer

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