* not completed

. Retional behaviour assumes businesses maximise

utility correct incorrect

costs correct incorrect

sales correct incorrect

profit correct incorrect

* not completed

. Rational behaviour assumes consumers maximise

utility correct incorrect

costs correct incorrect

sales correct incorrect

profit correct incorrect

* not completed

. Profit is maximised when marginal revenue

Equals zero correct incorrect

Equals marginal cost correct incorrect

Is maximised correct incorrect

Is minimised correct incorrect

* not completed

. Profit is maximised when

Total revenue equals total cost correct incorrect

The difference between total revenue and total cost is minimised correct incorrect

The difference between total revenue and total cost is zero correct incorrect

The positive difference between total revenue and total cost is maximised correct incorrect

* not completed

. Framing refers to the fact that decisions depend on

How the choices are set out correct incorrect

How much money you have correct incorrect

Who you ask for advice correct incorrect

What you decided last time correct incorrect

* not completed

. Anchoring means

You always decide what you decided last time correct incorrect

You never decide what you decided last time correct incorrect

Your decision is affected by a reference point correct incorrect

Your decision is affected by how many times you are asked correct incorrect

* not completed

. Heuristics...

Refer to the variable costs of a decision correct incorrect

Refer to the process of analysing the most likely outcome correct incorrect

Refer to short cuts used to make decisions correct incorrect

Refer to the reasons why we don't make particular decisions correct incorrect

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. Salience refers to

the fact that we use short cuts to make decisions correct incorrect

the fact that we are influenced by what others think correct incorrect

the fact that we tend to make the same decision again correct incorrect

the fact that information that stands out most affects our decisions. correct incorrect

* not completed

. Ethics refer to

What is legal correct incorrect

What is right or wrong correct incorrect

What is most profitable correct incorrect

What is cheapest correct incorrect

* not completed

. Utility refers to

profit correct incorrect

consumer welfare correct incorrect

costs correct incorrect

sales correct incorrect