According to methodical individualism, what is the basis for choices?
What does economic cost-benefit analysis emphasize as relevant for individual choice?
In the context of resource constraints, what makes opportunity costs relevant?
What is the value of the foregone alternative relevant for in economic decisions?
In the example provided, what is the opportunity cost if the high-quality TV is chosen?
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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