Economics is the study of how (a) preferences are determined

Economics Dec 18, 2020

Economics is the study of how

(a) preferences are determined.

(b) psychology influences preferences.

(d) people make choices.

Expert Solution

The correct answer is (d) people make choices.

Economics is a way of thinking about how people make decisions given that there are scarce resources. It helps individuals make useful economic decisions. So, economics is the study of how people make choices.

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