Formal Economic Theory Is Based on Assumptions Such As

Formal economic theory is based on assumptions such as:

A) the value of a particular commodity decreases as it becomes more scarce.
B) only occasionally do people maximize their material well-being.
C) people, when exchanging goods and services, naturally strive to maximize material well-being and profits.
D) families will compete against each other to assert rights of ownership and allocation.
E) in societies where there is formal market exchange (commercialism) , the market will determine all economic activities of individuals.

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