In 2011, edward cartwright, a behavioral economist, gave credit to the nobel prize–winning economist herbert simon for launching what cartwright calls the "you cannot be serious attack" on the standard economic model. cartwright cites a paper published by simon in 1955 where the author uses the standard economic model to solve elegantly how a rational person should behave. after solving an equation for this rational person’s optimal behavior, simon states: my first empirical proposition is that there is a complete lack of evidence that, in actual human choice situations of any complexity, these computations can be, or are in fact, performed. source: "a behavior model of rational choice." quarterly journal of economics (1955): 104. this statement by simon can be best described as a call to:

Assume a firm's production process requires an average of 80 days to go from raw materials to finished products and another 40 days before the finished goods are sold. if the accounts receivable cycle is 70 days and the accounts payable cycle is 80 days, what would the operating cycle be?

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.

Royal motor corp. generates a major portion of its revenues by manufacturing luxury sports cars. however, the company also derives an insignificant percent of its annual revenues by selling its sports merchandise that includes apparel, shoes, and other accessories under the same brand name. which of the following terms best describes royal motor corp.? a. aconglomerate b. a subsidiary c. adominant-businessfirm d. a single-business firm