Which of the following is true?
A)Economic reasoning implies that individuals will acquire all possible information about a choice before making it.
B)It is not rational for people to make decisions that turn out to be mistaken.
C)Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction.
D)Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.
E)All of the above are true.

Question

Quizplus · Accepted Answer

Economic reasoning suggests that individuals make decisions based on the information available to them, but it is not always possible or practical to acquire all possible information. Therefore, reducing information costs can lead to better decision-making and greater satisfaction. Option A is not true because individuals may not have the time, resources, or ability to acquire all possible information. Option B is not true because people can learn from their mistakes and improve their decision-making in the future. Option D is not true because occupational licensing laws can restrict competition and lead to higher prices, and may not necessarily protect consumers from poor quality services.

Which of the Following Is True