A rational economic decision: a) may or may not result in the largest economic payoff. b) is concerned with efficiency but not with equity or fairness. c) must always result in the largest economic payoff. d) usually results in the smallest economic payoff.

Question

10-11-2019
Business

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A rational economic decision: a) may or may not result in the largest economic payoff. b) is concerned with efficiency but not with equity or fairness. c) must always result in the largest economic payoff. d) usually results in the smallest economic payoff.

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Answer:

The correct option is B

Explanation:

Rational economic decision is the process where the costs as well as the benefits of the various options are being compared in order to determine or evaluate the which option is rational. Rational decisions have total benefit greater than or equal to their cost. So, the rational economic decision concerned with the efficiency not with the fairness or equity.