Asked by
Shayla Price
on Dec 12, 2024Verified
The most fundamental concept in economics is that
A) changes in incentives influence behavior in a predictable way--people will be less likely to choose an option as it becomes more expensive.
B) changes in incentives generally do not influence human behavior.
C) goods that are provided by government are free for society.
D) individuals generally do not consider other alternatives when making a choice.
Incentives Influence Behavior
The concept that rewards or penalties can motivate individuals or entities to behave in certain ways, affecting decision-making processes.
Fundamental Concept
Basic or essential principles that form the foundation of a particular field or discipline.
More Expensive
A term used to describe goods or services that have a higher price tag compared to other alternatives or previous prices.
- Acquire knowledge about the role of incentives in shaping individual and economic decisions.
Verified Answer
RL
Learning Objectives
- Acquire knowledge about the role of incentives in shaping individual and economic decisions.