Which statement is NOT considered a key principle of economics?
A) Scarcity exists for everyone.
B) People face economic incentives on a regular basis.
C) Irrational behavior requires thinking at the margin.
D) Information is important to producers and consumers.

Question

Quizplus · Accepted Answer

While marginal thinking is an important principle of economics, it is not necessarily tied to irrational behavior. Rather, rational decision making involves considering the costs and benefits at the margin. The other three statements are generally considered key principles of economics.

Which Statement Is NOT Considered a Key Principle of Economics