Which of the following is part of the economic way of thinking?

A) The accuracy of the assumptions is the best test of an economic theory.
B) When an option becomes more expensive, people will be less likely to choose it.
C) The value of a good can be determined objectively by measuring the amount of labor required for its production.
D) All of the above.

Economic Theory

A framework or model that attempts to explain the workings of economic systems through the analysis of various variables and their relationships.

Option

A financial derivative that gives the buyer the right, but not the obligation, to buy or sell an asset at a specific price on or before a certain date.

Objectively

In a manner that is not influenced by personal feelings or biases, based on factual and unbiased considerations.