1-The theory of rational behavior
options:
implies that people will always take the time to make perfectly informed decisions.
is an assumption that economists make to have a useful model for how decisions are made.
assumes that people will behave in the best interest of society as a whole.
none of the answers is correct
2-Elasticity is relevant when trying to understand
options:
how a change in price affects quantity supplied, how a change in price affects quantity demanded, and how raising a tax on a good affects the revenue from the tax.
how a change in quantity demanded affects price, how a change in quantity supplied affects price, and the burden of taxes on consumers.
how a change in quantity demanded affects price and how a change in quantity supplied affects price.
the burden of taxes on consumers.
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