Asked by AGUSTINA RATNA DWIATI on Apr 28, 2024
Verified
The principle that people will exploit opportunities to do what is best for others is the basis of all predictions by economists about individual behavior.
Market Equilibrium
The state where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable market price.
Economists
Experts focused on analyzing how goods and services are produced, distributed, and consumed.
- Recognize the significant part incentives have in determining economic actions and outcomes.
Verified Answer
MS
Magdy SalehMay 03, 2024
Final Answer :
False
Explanation :
The principle that people will exploit opportunities to do what is best for themselves, not others, is the basis of all predictions by economists about individual behavior. This principle is known as self-interest or rational self-interest.
Learning Objectives
- Recognize the significant part incentives have in determining economic actions and outcomes.
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