When Economic Choice Involves an Adjustment to an Existing Situation

question 138

Multiple Choice

When economic choice involves an adjustment to an existing situation, marginal analysis

• A)has no practical applications or real-world uses
• B)eliminates incorrect decisions and bad choices
• C)involves comparing the additional costs and additional benefits of an activity before deciding
• D)involves examining only the total costs and total benefits of an activity before deciding
• E)none of the above

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Definitions:

Distributive Justice

The perceived fairness of the allocation of resources or rewards among individuals within an organization or group.

Procedural Justice

The concept concerned with the fairness and the transparency of the processes by which decisions are made.

Public Policy Exceptions

Legal principles allowing courts to refuse to enforce contractual provisions or agreements that violate laws or societal standards.

Whistle Blowing

Whistle blowing involves reporting illegal, unethical, or dangerous practices by an organization or individual, typically by someone from within the organization.