Individuals are rational decision-makers.

Individuals always make optimal choices.

Individuals have perfect information.

Individuals are always selfish.

Individual decision-making

Collective behavior

Social institutions

Cultural norms

Self-interest

Altruism

Social norms

Cultural values

Individuals have limited information and cognitive abilities.

Individuals always make optimal choices.

Individuals are perfectly rational decision-makers.

Individuals are always selfish.

As the aggregation of individual rational choices.

As the result of social norms and cultural values.

As the product of irrational decision-making.

As the outcome of random chance.

It ignores the role of social norms and cultural values.

It assumes that individuals are always rational decision-makers.

It oversimplifies the complexity of human behavior.

All of the above.

Making decisions that maximize personal benefits.

Making decisions based on logic and reason.

Making decisions that are consistent with social norms.

Making decisions that are based on emotions.

Choosing to study for an exam to improve grades.

Donating money to charity out of altruism.

Following social norms without questioning their validity.

Making a decision based on a gut feeling.

As the result of rational agreements among individuals.

As the product of historical and cultural factors.

As the outcome of irrational decision-making.

As the result of random chance.

Preferences are fixed and unchanging.

Preferences are influenced by social norms and cultural values.

Preferences are independent of the available choices.

Preferences are transitive and consistent.

The value of the next best alternative that is foregone when making a choice.

The cost of the resources used to produce a good or service.

The difference between the price of a good and its marginal cost.

The total cost of producing a good or service.

Choosing to save money for retirement.

Choosing to buy a lottery ticket.

Choosing to eat a healthy diet.

Choosing to pursue higher education.

The tendency to avoid acquiring information that is costly or difficult to obtain.

The tendency to ignore information that contradicts one's beliefs.

The tendency to overestimate the importance of certain information.

The tendency to underestimate the importance of certain information.

Individuals have perfect information about all available choices.

Individuals have limited information about available choices.

Individuals have complete knowledge of the consequences of their choices.

Individuals have no information about available choices.

Situations in which individual rational choices lead to collectively irrational outcomes.

Situations in which individual irrational choices lead to collectively rational outcomes.

Situations in which individual choices have no impact on collective outcomes.

Situations in which collective choices have no impact on individual outcomes.