Rational Choice by an Individual Implies

question 130

Multiple Choice

Rational choice by an individual implies

• A)the use of some mathematical model when solving a problem
• B)making decisions aimed at achieving some predetermined goal
• C)that only monetary costs and benefits are weighed
• D)that an individual will never regret any action taken
• E)that scarcity can be eliminated for that individual

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Definitions:

Capacity Alternatives

Various options available to a business for adjusting its capacity to meet changes in demand.

Market Acceptance

The degree to which a new product, service, or innovation is embraced by potential customers or end-users in the marketplace.

Effective Capacity

The maximum output a system is capable of achieving under normal operating conditions, taking into account potential constraints.

Utilization

Refers to the extent to which a system, resource, or workforce is used to achieve its maximum potential output or capacity.