Decision making that seeks only solutions that are acceptable is called
a. optimizing.
b. satisficing.
c. benchmarking.
d. maximizing.
b
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A market cannot be contestable if
a. very limited economies of scale exist b. substantial barriers to entry exist c. the market is perfectly competitive d. resources can be easily acquired by new firms e. products are indistinguishable
An assumption of economists' standard theory of choice is that:
A. preferences are given and are not shaped by society. B. individuals maximize marginal utility. C. it is costly for a consumer to make optimal choices. D. individuals use rules of thumb to make decisions.
Tom Atoe grows fruits and vegetables for home consumption. This activity is:
A. excluded from GDP in order to avoid double counting. B. excluded from GDP because an intermediate good is involved. C. productive but is excluded from GDP because no market transaction occurs. D. included in GDP because it reflects production.
Classical economists believe that a reason the aggregate supply curve is ________ is because people who are not working are those who have chosen not to work at the prevailing wage rate.
A. vertical B. horizontal C. positively sloped D. negatively sloped