Which of the Following Is Often Referred to as the Basic

question 158

Multiple Choice

Which of the following is often referred to as the basic postulate of economics?

• A) Individuals act only out of selfish motives.
• B) Incentives matter--individuals respond in predictable ways to changes in personal costs and benefits.
• C) The accuracy of the assumptions is the best test of an economic theory.
• D) The value of a good is objective; it is equal to the cost of producing the good.

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