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The most important assumption in economics is- complexity selfishness rationality human error

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The most important assumption in economics is-

complexity

selfishness

rationality

human error

Expert Solution

Step 1: Define Economics

Economics is defined as the production of goods and services that are distributed in an economy. It studies the behavior of households, firms, and businesses. Economics deals with allocating available resources in the economy and efficiently the resources among people.

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