Balancing the Costs and Benefits of a Good or Service

question 113

Multiple Choice

Balancing the costs and benefits of a good or service is called

• A)cost minimization.
• B)cost-benefit analysis.
• C)marginal revenue analysis.
• D)profit maximization.
• E)average benefit analysis.

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Definitions:

Psychologically Ill

Suffering from mental health disorders that affect mood, thinking, and behavior.

Behavior Analysis

A scientific approach to understanding the principles of learning and behavior, often associated with the use of conditioning to modify or improve behaviors.

Functionalism

A perspective in social sciences and anthropology that explains society and its institutions as collective means to fulfill individual and social needs.

William James

An American philosopher and psychologist, often referred to as the father of American psychology, known for his work in pragmatism and functionalism.