Rational choice is made by comparing different incentives. is what you must give up to get what you want. O is a choice that uses the available resources to best achieve the objective of the person making the choice. O provides the answer to only the "how" question. is always efficient.
Rational choice is made by comparing different incentives. is what you must give up to get what you want. O is a choice that uses the available resources to best achieve the objective of the person making the choice. O provides the answer to only the "how" question. is always efficient.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter1: The Economic Approach
Section: Chapter Questions
Problem 3CQ
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C is a choice that uses the available resources to best achieve the objective of the person in making choice.
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