For James,choice and Habit Are Different in That ____

question 105

Multiple Choice

For James,choice and habit are different in that ____.​

• A)​choice is a fallacy,and habit is real
• B)habit is a fallacy,and choice is real
• C)​habit is nonconscious
• D)the purpose of habit is human adaptation to the environment
• E)choice is antithetical to pragmatism

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Definitions:

Potential Output

Potential output refers to the total amount of goods and services an economy can produce when it is operating at full capacity and efficiency, without causing inflation.

Long-run Equilibrium

A state in which all inputs and outputs in an economy are fully adjusted and there is no tendency for change.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing to sell at a given overall price level, across all existing price levels.

Long-run Aggregate Supply

The total supply of goods and services that an economy can produce when resources are fully employed at their most efficient levels, without inflation.