Consumers often end up paying more than they need to for their energy. With reference to rational behaviour, explain the likely reason for this.

Question

Consumers often end up paying more than they need to for their energy. With reference to rational behaviour, explain the likely reason for this.
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Solution 1

Rational behavior refers to the decision-making process where individuals choose the option that maximizes their benefit and minimizes their cost. However, in the context of energy consumption, consumers often end up paying more than necessary due to several reasons:

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