...enacted regulations requirin? a.The government ignored the possibility that the demand curve for electricity might be upward sloping.
b. There is no way the observed change could have occurred if all consumers were fully informed, self-interested, and rational.
c. Because the regulation effectively reduced the price of cooler air, consumers with elastic demands for cooling might have chosen to buy substantially more of it than before.
d. In practice, people often pay little attention to the relevant costs and benefits when deciding how much of a good, like electricity, to use
b. There is no way the observed change could have occurred if all consumers were fully informed, self-interested, and rational.
c. Because the regulation effectively reduced the price of cooler air, consumers with elastic demands for cooling might have chosen to buy substantially more of it than before.
d. In practice, people often pay little attention to the relevant costs and benefits when deciding how much of a good, like electricity, to use