The _{--------------------}of Something Is the Gain or Pleasure That It

question 121

Multiple Choice

The _{--------------------}of something is the gain or pleasure that it brings.

• A)rational margin
• B)rational choice
• C)marginal cost
• D)opportunity cost
• E)benefit

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, assuming other factors remain constant.

Wage Rate

The standard amount of compensation that employees receive in exchange for performing a specific task or job per time period.

Substitution Effect

The adjustment in purchasing behaviors as a result of variations in the comparative costs of products, prompting buyers to switch from one item to another that is either cheaper or more costly.

Output Effect

The impact on economic output and productivity resulting from a change in the level of economic activity.