Economists Argue That Individuals Should Continue to Consume Until Total

question 85

True/False

Economists argue that individuals should continue to consume until total benefit equals total cost.

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Definitions:

Undesirable Consequence

Negative outcomes or punishments associated with a specific action or behavior, which function to decrease the likelihood of the behavior reoccurring.

Behaviour

The actions or reactions of a person or object in response to external or internal stimuli.

Positive Reinforcement

A technique used to encourage desired behavior by offering rewards or incentives when the behavior is demonstrated.

Approval

The act of accepting or endorsing something as meeting a required standard or condition.