Neoclassical economics and behavioral economics are similar in the assumption that people are capable of making accurate, sometimes complex, calculations with respect to their utility-maximizing decisions.

True or False?

The statement is: False.

Explanation:

Behavioral economics is a psychological approach of business that examines whether individuals' assumptions on utility and profit maximization reflect their behavior and of they maximize their expected utility.

Neoclassical economics, on the other hand, refers to cost production as the most important factor in the product's price. Neoclassicals believe the price is the consumers' main driver in their decision-making.

Thus, neoclassicals and behavioral economists have different focuses in business.