If a Person Takes an Action If, and Only If

question 143

Multiple Choice

If a person takes an action if, and only if, the extra benefits from taking that action exceed the extra costs, then that person is:

• A)not following the Cost-Benefit Principle.
• B)following the Scarcity Principle.
• C)following the Cost-Benefit Principle.
• D)not rational.

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Definitions:

Sample Size

The number of observations or individuals taken from a population for the purpose of statistical analysis.

Sample Proportion

The sample proportion is a statistic that estimates the proportion of elements in a sample that have a particular attribute, characteristic, or outcome.

Acceptable Error

The margin of error or deviation from a standard value that is deemed tolerable within specific contexts, such as measurements or quality control.

Confidence

A measure of the degree to which one is certain about a particular prediction or outcome.