Question

Economists study _____ a. the choices individuals make, but not the consequences of their choices. b. the costs of production of goods and services, in order to set fair prices. c. the choices that individuals make under conditions of scarcity and uncertainty. d. theories and ignore all the facts.

Answer 1

Answer:

c. the choices that individuals make under conditions of scarcity and uncertainty

Explanation:

Individuals have unlimited wants and needs but the resources needed to satisfy the needs are limited. Individuals have to make choices that would maximise their utility.

Economists do not set price. In a market economy, prices are set by the forces of demand and supply. In a command economy, government set prices.

Economists study the conseuqnces of choices. For example, economists study externalities, which is the effect of production or consumption activities on third parties.

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