Asked by Tonnie Okpara on Sep 23, 2024
Verified
The "economic man" argument suggests that ______.
A) people consider all available alternatives and then make choices that maximize the values they receive
B) people pick the cheapest options wherever available
C) people pick the most expensive option provided it offers added value
D) people rarely consider the benefits of picking a more expensive option before selecting the most economic one
Economic Man
A concept in classical economics portraying an individual as rational, self-interested, and aiming to maximize personal satisfaction or utility.
Maximize
To increase or make as great as possible, typically in relation to achieving a particular goal or outcome.
- Recognize the implications of the "economic man" theory in decision-making.
Verified Answer
FB
Fatoom Basoom2 days ago
Final Answer :
A
Explanation :
The "economic man" argument suggests that people are rational and consider all available alternatives before making a decision that maximizes the value they receive, which aligns with choice A.
Learning Objectives
- Recognize the implications of the "economic man" theory in decision-making.