If a Decision Is Made and It Is the Best

question 162

Multiple Choice

If a decision is made and it is the best choice for society,the decision is said to be

• A) a valid economic choice.
• B) made in self-interest.
• C) made in social interest.
• D) consist with scarcity.
• E) a want-maximizing choice.

---

Definitions:

Allocation Mechanism

The process or system used to determine how resources are distributed and goods and services are allocated in an economy.

Incentive Function

A principle or mechanism designed to motivate individuals or entities to act in a desired manner by offering rewards or consequences.

Productive Resource

Any resource used in the creation of goods and services, including land, labor, and capital.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.