Examlex
A ____ is a graph whose axes show the quantities of two inputs that are used to produce some output.
Opportunity Cost
is the loss of potential gain from other alternatives when one alternative is chosen.
Rational Decisions
Choices made by individuals that align with their own self-interest and are based on an evaluation of the costs and benefits of the action.
Marginal Costs
The extra financial burden of generating one additional unit of a good or service.
Marginal Benefits
The incremental satisfaction or advantage obtained from the consumption of an additional unit of a good or service.
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