Which of the following describes the concept of rational self-interest? (check all that apply)
a. Individuals look for and pursue opportunities to increase their utility.
b. Individuals allocate their resources according to society's purposeful behavior.
c. Individuals weigh the costs and benefits of their decisions.
d. Individuals allocate their resources to maximize their satisfaction.
e. Individuals look for and pursue opportunities to maximize social welfare.
a. Individuals look for and pursue opportunities to increase their utility.
c. Individuals weigh the costs and benefits of their decisions.
d. Individuals allocate their resources to maximize their satisfaction.
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If 400 apple pies are sold at $4 per pie, but 600 apple pies are sold at $3 per pie, we know: a. that the demand for pies is elastic over that price range
b. that the demand for pies is inelastic over that price range. c. that the demand for pies is unit elastic over that price range. d. nothing about the elasticity of demand.
As price elasticity of supply increases, the supply curve
a. becomes flatter. b. becomes steeper. c. becomes downward sloping. d. shifts to the right.