Which of the following statements is true?
A) Optimization is an easy process, and all economic agents are perfect optimizers.
B) Optimization implies choosing the best option from a set of alternatives.
C) It is easier for a person to optimize when he has less information.
D) People always successfully optimize given the limited information they have.
B
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Which of the following statements about gold jewelry and round-trip bus tickets to Bismarck, North Dakota, is most likely to be correct?
a. They are both inferior goods. b. Their demand curves probably are quite similar. c. They are complements. d. They are substitutes. e. They are unrelated.
Which of the following U.S. antitrust laws prohibits mergers through the acquisition of a firm's assets if the merger would lessen competition?
a. the Sherman Antitrust Act b. the Clayton Act c. the Robinson-Patman Act d. the Celler-Kefauver Anti-Merger Act e. the Federal Trade Commission Act