Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries.
-When people make choices that (at the time and with the information they have at their disposal) give them the greatest amount of satisfaction, they are said to be:
A)behaving irrationally.
B)applying econometric models to their everyday behavior.
C)living under a communist dictator.
D)acting in their own self-interest.
E)showing no willingness to plan for the future.

Question

Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries​. 
-When people make choices that (at the time and with the information they have at their disposal) give them the greatest amount of satisfaction, they are said to be:
A)behaving irrationally. 
B)applying econometric models to their everyday behavior. 
C)living under a communist dictator. 
D)acting in their own self-interest. 
E)showing no willingness to plan for the future.

Quizplus · Accepted Answer

Acting in one's own self-interest means making choices that bring the greatest satisfaction or benefit to oneself, given the available information and circumstances. This is a fundamental assumption of economics and is often used to explain individual behavior and the interactions of individuals in markets.

Figure 51 the Figure Shows a Linear Production Possibility Curve Representing