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24 June, 13:20

2. What aspects of your decision-making process fit the description of a rational choice? Did you consider costs and benefits? Did you pay attention to both monetary and non-monetary factors? Did you consider opportunity costs? Explain.

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  1. 24 June, 13:26
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    Rational choice theory is an economic principle that states that people usually make prudent and logical decisions which provide them with the greatest benefit or satisfaction. Thus, rational choice will consider cost and benefit, monetary factors, non-monetary factors and opportunity costs.
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