So... do people actually make decisions that follow those four basic principles? If they do, then our models of supply a

[answerhappygod]

So... do people actually makedecisions that follow those four basic principles? If they do, thenour models of supply and demand and so on are correct. If theydon't, then our models might have major flaws. Let's consider twoprinciples in particular, which are the most controversial: theopportunity cost principle and the marginal principle.
1. Give an example of a decision you made in the past thatfollowed the opportunity cost principle, anda decision you made that didn't follow the opportunity costprinciple. Do people actually follow the opportunity cost principlemost of the time when they make decisions? What do you think?
2. Give an example of a decision you made in the past thatfollowed the marginal principle, and adecision you made that didn't follow the marginal principle. Dopeople actually follow the marginal principle most of the time whenthey make decisions? What do you think?