Making Choices on the Margin Means

question 172

Multiple Choice

Making choices on the margin means

• A)scribbling on the edges of your notebook paper.
• B)comparing all relevant alternatives systematically and incrementally.
• C)taking account of all marginal benefits, all opportunity costs, and all sunk costs.
• D)making decisions in the largest possible increments.
• E)making a decision based on emotions.

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Definitions:

Comprehensive Explanations

Detailed and thorough explanations that cover or encompass all aspects or factors of a subject or phenomenon.

Illusory Correlations

The phenomenon of perceiving a relationship between variables (typically people, events, or behaviors) even when no such relationship exists.

Complex Assumptions

Premises or beliefs that involve multiple interconnected elements, often taken for granted in reasoning or analysis.

Falsifiable

Refers to the ability of a hypothesis or theory to be disproven by experimental or observational evidence.