Which of the following is part of the economic way of thinking?
A) The accuracy of the assumptions is the best test of an economic theory.
B) When an option becomes more expensive, people will be less likely to choose it.
C) The value of a good can be determined objectively by measuring the amount of labor required for its production.
D) All of the above.

Question

Quizplus · Accepted Answer

The economic way of thinking includes the principle that as the cost of an option increases, people are less likely to choose it, reflecting the concept of opportunity cost and incentives.

Which of the Following Is Part of the Economic Way