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

Question

Quizplus · Accepted Answer

Rational choice theory suggests that individuals make decisions aimed at achieving some predetermined goal. This decision-making process involves weighing the costs and benefits of various options and selecting the option that maximizes the likelihood of achieving the goal. While the individual may regret their decision later on, rational choice theory assumes that they made the best decision possible given the information and context available to them at the time.

Rational Choice Implies