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People Are Rational
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People Are Rational
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0. Basic Principles of Economics / People Are Rational / Problem 3
Problem 3
In what way does the assumption of rationality affect consumer behavior in a market?
A
Consumers make purchasing decisions based on maximizing utility.
B
Consumers ignore brand loyalty.
C
Consumers always choose the cheapest option available.
D
Consumers rely solely on advertisements for decision-making.
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