Business, 15.06.2021 21:20 ljdavies51

The traditional economic framework assumes that people make rational economic decisions, that is, that they act in ways that maximize their utilities. However, behavioral economists have found evidence that is inconsistent with economists’ rationality assumptions. Which of the following is an example of evidence of irrational behavior? (Note: Read carefully.) Some wine collectors decide not to sell their 20-year-old bottle of wine at the market price while refusing to buy another one at the same price. Some people are willing to drive an extra mile to save $20 on a $100 purchase but not to save $10 on the same purchase. A higher price generally decreases the quantity demanded of a commodity.

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The traditional economic framework assumes that people make rational economic decisions, that is, th...

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