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2 questions on Aspects of Behavioural Economic Theory (AQA specification 1.2.3) from the A-Level Economics papers, 2019–2021. Every question links to the official mark scheme at the page its answer begins on.
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Discuss the view that individual economic agents will always act as rational decision makers so as to maximise their utility.
1.2.1 Consumer Behaviour · 1.2.3 Behavioural Economic Theory
Explain how rules of thumb and irrationality can affect consumers’ demand for goods and services.
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