What Does Making Decisions "At the Margin" Mean

question 150

Multiple Choice

What does making decisions "at the margin" mean?

• A) that people make those decisions that do not impose a marginal cost
• B) that people evaluate how easily a decision can be reversed if problems arise
• C) that people compare the marginal costs and marginal benefits of each decision
• D) that people always calculate the marginal dollar costs for each decision

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Definitions:

T-Table Values

Values found in a table that correspond to the T-Distribution, used for hypothesis testing in statistics, especially when the sample size is small and the population standard deviation is unknown.

Confidence Level

The probability that a confidence interval will capture the population parameter in repeated samples.

Simple Linear Regression

A mathematical technique that represents the association between a single independent variable and a dependent variable through a linear formula.

API Gravity

A measure used to quantify the density of petroleum liquids relative to water, indicating how heavy or light the petroleum is.