Which of the following states a central element of the, Ask an Expert

Economics

Which of the following states a central element of the economic way of thinking?

(1) Scarce goods are priceless

(2) The realism of the assumptions is the best test of an economic theory.

(3) When deciding how to allocate time, the concept of opportunity cost is meaningless.

(4) Incentives matter-human choice is influenced in predictable ways by changes in personal costs and benefits.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91225867

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