Economic reasoning allows economic agents to make decisions ________.
A) by random selection
B) by comparing the costs and benefits of various options
C) by replicating the choices made by other economic agents
D) solely on the basis of tastes and preferences for various options

Question

Quizplus · Accepted Answer

Economic reasoning involves comparing the costs and benefits of different options. This allows economic agents to make rational and informed decisions, rather than simply relying on random selection or personal preferences. Replicating the choices made by other economic agents may not always be the best option, as different individuals may have different circumstances and priorities.

Economic Reasoning Allows Economic Agents to Make Decisions ________