Asked by Miladis Rivas on Apr 24, 2024
Verified
Which of the following is not one of the three fundamental concepts of economics?
A) profit maximization
B) marginalism
C) opportunity cost
D) the working of efficient markets
Opportunity Cost
The expense associated with missing out on the second-best choice while deciding among multiple possibilities.
Efficient Markets
A concept that asserts that financial markets are "informationally efficient," meaning that prices of securities reflect all available information at any given time.
- Recognize the core concepts of economics: opportunity cost, marginalism, and efficient markets.
Verified Answer
NA
Nicholas Anderson7 days ago
Final Answer :
A
Explanation :
Profit maximization is a goal or objective of many firms but is not considered a fundamental concept of economics in the same way as marginalism, opportunity cost, and the working of efficient markets are. Fundamental concepts of economics are broader and include principles that underlie economic decision-making and the functioning of economies, rather than specific objectives of individual actors within the economy.
Learning Objectives
- Recognize the core concepts of economics: opportunity cost, marginalism, and efficient markets.