State true or false and justify your answer: Two rational individuals will always make the same choices when faced with the same circumstances

Marketing Dec 21, 2020

State true or false and justify your answer:

Two rational individuals will always make the same choices when faced with the same circumstances.

Expert Solution

The given statement is false.

Explanation:

A rational consumer is one who analyzes the situation and relates it with past experiences and then makes a conclusion about whether to buy a product or not. Rational consumer makes decisions according to their self-interest as well, and it would be different for each individual in the economy due to their individual indifferences. As a result, two rational consumers may act differently in the same circumstances due to variation in their taste and preferences, and self-interest.

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