Abstract
An individual who acts rationally will seek to obtain the maximum total satisfaction from limited resources. To do this, he balances the opportunity cost of various goods against the satisfaction each gives him. Usually the choice takes the form of a bit more of one good against a little bit less of another.
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© 1994 Jack Harvey
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Harvey, J. (1994). Applications of Demand and Supply Analysis. In: Economics Revision Guide. Palgrave, London. https://doi.org/10.1007/978-1-349-13313-0_4
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DOI: https://doi.org/10.1007/978-1-349-13313-0_4
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-60195-2
Online ISBN: 978-1-349-13313-0
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