Which of the Following Best Characterizes Rational Self-Interest by an Individual

question 65

Multiple Choice

Which of the following best characterizes rational self-interest by an individual?  

• A) The use of some mathematical model when solving a problem is desirable. 
• B) Maximize expected benefits and minimize expected costs. 
• C) Only monetary costs and benefits are weighed. 
• D) Scarcity can be eliminated for that individual.

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Definitions:

Benchmarking

The practice of comparing business processes and performance metrics to industry bests and best practices from other companies.

Fishbone Diagram

A visual tool used to identify, explore, and display the possible causes of a particular problem.

Flowcharting

A graphical representation of a process, illustrating the sequence of operations or steps involved, often used in planning and problem-solving.

Run Chart

A simple graphical tool used to display observed data in time order, commonly used in quality improvement processes to identify trends.