Rational choice by an individual implies
A)the use of some mathematical model when solving a problem
B)making decisions aimed at achieving some predetermined goal
C)that only monetary costs and benefits are weighed
D)that an individual will never regret any action taken
E)that scarcity can be eliminated for that individual

Question

Quizplus · Accepted Answer

Rational choice by an individual implies making decisions aimed at achieving some predetermined goal. While mathematical models may be used in the decision-making process, they are not essential. Also, non-monetary costs and benefits are taken into consideration, and it is possible for an individual to regret their actions. Scarcity cannot be eliminated for any individual, as it is a fundamental economic concept.

Rational Choice by an Individual Implies