Not included in the economic definition of rationality is the concept that
A) agents know what they like
B) economists evaluate or judge the preferences of agents
C) agents behave based on their knowledge of what they like

Question

Quizplus · Accepted Answer

The economic definition of rationality assumes that individuals have well-defined preferences and behave in a consistent manner to maximize their utility. It does not include any evaluation or judgment of these preferences by economists. Therefore, option B is not included in the definition of rationality. Options A and C align with the economic definition of rationality, as they refer to an individual's awareness and action based on their preferences.

Not Included in the Economic Definition of Rationality Is the Concept