Although It Sounds Illogical,you Can Begin to Plan for Unexpected

question 10

Multiple Choice

Although it sounds illogical,you can begin to plan for unexpected expenses by:

• A)Recognizing possible and probable large expenses you may face
• B)Making several possible budgets
• C)Keeping loan application forms handy
• D)Always having an emergencies-only credit card

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Definitions:

Marginal Decision Rule

A principle stating that an action should be taken if, and only if, the marginal benefit of the action exceeds its marginal cost.

Marginal Revenue

The extra revenue gained from the sale of an additional unit of a product or service.

Perfect Competition

A market structure characterized by many buyers and sellers, freedom of entry and exit, and a homogeneous product.

Perfectly Elastic

A situation in economic theory where the quantity demanded or supplied of a good changes infinitely in response to any change in price.