Economically rational means that consumers and firms

A. are realistic about the present but not necessarily the future.

B. take into account monetary costs but ignore nonmonetary opportunity costs.

C. obtain full information prior to taking actions to reach goals.

D. take actions that are appropriate to reach goals given available information.

E. take into account monetary costs and sunk costs.

Question

Chum

Business

26 March, 01:20

Economically rational means that consumers and firms

A. are realistic about the present but not necessarily the future.

B. take into account monetary costs but ignore nonmonetary opportunity costs.

C. obtain full information prior to taking actions to reach goals.

D. take actions that are appropriate to reach goals given available information.

E. take into account monetary costs and sunk costs.

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Answers (1)

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Adeline Gordon · Answer 1

D, Take actions that are appropriate to reach goals given available information.

Explanation:

Rational in economics can be said to be a situation where an individual or company takes the best decisions to reach his/her or its goals.

This could also mean that the ability to make a decision that maximizes the accomplishment or benefits for an individual.

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