5 Questions
According to methodical individualism, what is the basis for choices?
Individual cost-benefit calculations
What does economic cost-benefit analysis emphasize as relevant for individual choice?
Opportunity cost
In the context of resource constraints, what makes opportunity costs relevant?
Choosing one alternative means not choosing the other
What is the value of the foregone alternative relevant for in economic decisions?
Individual choice
In the example provided, what is the opportunity cost if the high-quality TV is chosen?
"Medium quality TV"
Test your knowledge of human behavior and economic rationality with this quiz. Learn about methodical individualism, cost-benefit analysis, and the pillars of economic decision making.
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