If Individuals Are Rational, They Should Choose Actions That Yield

question 30

Multiple Choice

If individuals are rational, they should choose actions that yield the:

• A)largest total benefits.
• B)smallest total costs.
• C)smallest economic surplus.
• D)largest economic surplus.

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Definitions:

Competitive Advantage

A unique position that a company gains over its competitors, allowing it to generate greater sales or margins and/or retain more customers.

Workload Distribution

The process of evenly assigning tasks and responsibilities among team members to ensure efficient task completion.

Team Effectiveness

The capacity of a group of individuals to work together efficiently towards achieving their goals and producing high-quality outcomes.

Performance

The act of carrying out or accomplishing an action, task, or function, often measured against known standards of accuracy, completeness, and speed.