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paying a cost means doing without something good or accepting something bad
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What best explains why minimizing costs is a rational way to make decisions?
paying a cost means doing without something good or accepting something bad
Which of the following best explains why minimizing costs is a rational way to make decisions?
Paying a cost means doing without something good or accepting something badPaying a cost means doing without something good or accepting something bad.
Which of the following pairs of words best describes using cost benefit analysis maximizing and minimizing?
Rational and subjective
What best explains what makes allocation decisions decisions necessary?
There are never enough goods and services to satisfy all wants and needs.
Which best explains how a free market system has a circular flow of influences?
Consumers decisions affect producers, and producer decisions affect consumers.
Who of the following best explains how a free-market system has a circular flow of influences?
Consumer decisions affect producers, and producer decisions affect consumers
Best explains what makes allocation decisions necessary?
There are never enough goods and services to satisfy wants and needs
Which action illustrates rational behavior?
Rational behavior is a process based on making decisions that result in the most benefit for the individual. An executive at a company retiring early illustrates this best.
What best explains why considering opportunity costs is a rational thing for consumers do?
What you sacrifice for a decision is one of the non-monetary costs of many choices.
What best explains how consumers purchase influence the decisions of producers?
Producers can figure out what consumers are willing to pay based on what they buy.
Which of the following best explains why considering opportunity cost is a rational thing for consumer to do?
What you sacrifice for a decision is one of the non-monetary costs of many choices
List two forms that rational choice can take?
Rational choice can take the form of maximizing utility, where individuals make decisions based on maximizing their own personal satisfaction. It can also take the form of optimizing resources, where individuals make decisions based on achieving the best outcome with limited resources.
