Rational choice by an individual implies:
A)the use of a 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 scarcity can be eliminated for that individual.

Question

Quizplus · Accepted Answer

Rational choice by an individual means that they make decisions aimed at achieving some predetermined goal. This may involve weighing both monetary and non-monetary costs and benefits, and is not limited to a mathematical model. Scarcity cannot be eliminated for any individual, so option D is not correct. Option C is not entirely accurate since non-monetary costs and benefits may also be considered. Therefore, the best choice is B.

Rational Choice by an Individual Implies