A person behaving rationally will:
A)never make mistakes.
B)make decisions that are random and chaotic.
C)have others determine whether their decisions are rational.
D)try to weigh the expected marginal benefits and marginal costs of their decision.

Question

A person behaving rationally will:
A)​never make mistakes.
B)​make decisions that are random and chaotic.
C)​have others determine whether their decisions are rational.
D)​try to weigh the expected marginal benefits and marginal costs of their decision.

Quizplus · Accepted Answer

A rational person will try to make decisions that result in maximizing their expected marginal benefits while minimizing expected marginal costs. This involves weighing the pros and cons, analyzing available information, and making an informed decision. Making mistakes is not uncommon, but a rational person will learn from their mistakes and make adjustments to improve their decision-making in the future. Other individuals can provide input and feedback, but ultimately it is up to the person making the decision to determine its rationality. Option A is incorrect because everyone makes mistakes, even rational people. Option B is incorrect because random and chaotic decisions do not involve weighing the pros and cons and considering available information. Option C is incorrect because others' opinions do not necessarily determine the rationality of a decision.

A Person Behaving Rationally Will