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Economics (AS & A Level) · Feb / March 2023 · Paper 32 · Question 1

9708Utility

Utility theory is based on the assumption of the 'rational consumer'. What is necessary to act as a 'rational consumer'?

  1. Aaccess to complete information: no; addictive behaviour: yes; choice is independent of other consumers: yes
  2. Baccess to complete information: yes; addictive behaviour: no; choice is independent of other consumers: no
  3. Caccess to complete information: yes; addictive behaviour: yes; choice is independent of other consumers: no
  4. Daccess to complete information: yes; addictive behaviour: no; choice is independent of other consumers: yes

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Correct answer: D. access to complete information: yes; addictive behaviour: no; choice is independent of other consumers: yes

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