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Which of the following is a key assumption of rational consumer choice theory?
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1. Introduction to Microeconomics
Three Key Economic Ideas
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Economic reasoning is based on the premise that:
A
decisions are made randomly without considering available information
B
individuals weigh costs and benefits to make choices that maximize their utility
C
people always act in the interest of society as a whole
D
resources are unlimited and choices do not involve trade-offs
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Understand that economic reasoning involves analyzing how individuals make decisions based on available information.
Recognize that individuals face trade-offs because resources are scarce, meaning they cannot have everything they want.
Identify that individuals compare the costs and benefits of different options to make choices that maximize their satisfaction or utility.
Note that economic reasoning assumes people act in their own self-interest rather than randomly or solely for society's benefit.
Conclude that the fundamental premise of economic reasoning is that individuals weigh costs and benefits to make choices that maximize their utility.
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