Which of the following is true?
A)Economic reasoning implies that individuals will acquire all possible information about a choice before making it.
B)It is not rational for people to make decisions that could turn out to be mistaken.
C)Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction.
D)Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.

Question

Which of the following is true?
A)​Economic reasoning implies that individuals will acquire all possible information about a choice before making it.
B)​It is not rational for people to make decisions that could turn out to be mistaken.
C)​Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction.
D)​Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.

Quizplus · Accepted Answer

Economic reasoning suggests that individuals make decisions based on the information available to them, but they may not always have access to complete information. Therefore, reducing information costs for consumers and suppliers can lead to smarter market decisions and increased satisfaction. Options A and B are not entirely accurate, as individuals may not have the ability or resources to acquire all information and may make mistakes. Option D is also not entirely accurate, as occupational licensing laws can also limit competition and raise prices.

Which of the Following Is True