What is NOT true about rational choice?
A) It is the same for all individuals.
B) It can result in different decisions for different individuals.
C) It involves comparing costs and benefits.
D) It might turn out not to have been the best choice after the event.
E) It is a choice that uses the available resources to best achieve the objective of the person making the choice.
A
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Suppose the U.S. government imposes a maximum price of $5 per gallon of gasoline, and the current equilibrium price is $3.50 per gallon. This policy represents a:
A. binding price floor. B. non-binding price floor. C. non-binding price ceiling. D. binding price ceiling
For a common resource, efficiency requires that the ________ equals the ________
A) marginal private benefit; marginal private cost B) marginal social benefit; marginal social cost C) marginal private benefit; marginal social benefit D) marginal social cost; marginal private cost