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Neoclassical economics and behavioral economics disagree on the following assumptions, except
A) rationality of people.
B) determinants of market prices.
C) stability of people's preferences.
D) strength of people's willpower.
Determinants
Determinants are factors or elements that cause something to happen or significantly influence the outcome of a process or situation.
Market Prices
The current prices at which goods and services can be bought or sold in a marketplace.
Willpower
The ability to control impulses and make decisions that align with long-term goals, resisting short-term temptations.
- Become familiar with the essential differences characterizing neoclassical and behavioral economics.
- Acquire knowledge on the maximization of utility within the framework of neoclassical economics and examine the opposition it faces from the perspectives of behavioral economics.
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Learning Objectives
- Become familiar with the essential differences characterizing neoclassical and behavioral economics.
- Acquire knowledge on the maximization of utility within the framework of neoclassical economics and examine the opposition it faces from the perspectives of behavioral economics.
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