Exam Question
When economists say that people act rationally, they mean that
- 1. people rarely make errors when they are looking out for themselves
- 2. people select only those activities that minimize their costs
- 3. people consider only the benefits when making a decision
- 4. people consider both the relevant costs and relevant benefits of a decision and select actions for which relevant benefit exceeds or at best, equal the relevant
View Answer
Answer 1. people rarely make errors when they are looking out for themselves
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