Which of the following principles underlie the economics of individual choices? There are gains from trade....
Which of the following principles underlie the economics of individual choices?
There are gains from trade.
Markets move toward equilibrium.
People usually exploit opportunities to make themselves better off.
Resources should be used as efficiently as possible to achieve society's goals.
Homework Answers
Correct option is (3).
A basic economic principle and assumption is that all individuals behave rationally and make rational choices which are take on the basis of maximization of their own interests. Therefore they use opportunities that make them better off.
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Which of the following principles underlie the economics of
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