Which of the following is one of the four economic ginciples of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and c are correct. Oa, b, and c are all correct.
Which of the following is one of the four economic ginciples of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and c are correct. Oa, b, and c are all correct.
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 18SQ
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Which of the following is one of the four economic ginciples of individual decision making?
O Rational people make decisions based on average costs and benefits.
O Rational people respond to incentives in predictable ways.
The cost of something is the amount of money you pay to get it.
O Both b and c are correct.
Oa, b, and c are all correct.
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