The economic perspective entails: a) irrational behavior by individuals and institutions b) a comparison of marginal benefits and marginal costs in decision making c) short-term but not long-term thinking d) rejection of the scientific method

Business Dec 28, 2020

The economic perspective entails:

a) irrational behavior by individuals and institutions

b) a comparison of marginal benefits and marginal costs in decision making

c) short-term but not long-term thinking

d) rejection of the scientific method

Expert Solution

The correct answer is b) a comparison of marginal benefits and marginal costs in decision making.

This is especially true in the short run, though it is also possible to adopt an economic perspective in the long run. The economic perspective considers the rational behavior of market participants.

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