States a central element of the economic way of thinking

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Which of the following states a central element of the economic way of thinking?

(1) Scarce goods are priceless

(2) The realism of the assumptions is the best test of an economic theory.

(3) When deciding how to allocate time, the concept of opportunity cost is meaningless.

(4) Incentives matter-human choice is influenced in predictable ways by changes in personal costs and benefits.

Reference no: EM13686145

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