The Standard Economists Use to Assess Whether an Activity Should

question 3

Multiple Choice

The standard economists use to assess whether an activity should be undertaken is

• A) majority vote
• B) the marginal benefit assessment.
• C) the gold standard
• D) economic efficiency.

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Definitions:

Reasonable Profit

A profit margin that is considered fair and acceptable, taking into account the costs of goods sold, operating expenses, and market standards.

Proper Quality

The condition of a product or service meeting the expected and required standards, often to satisfy customer needs or comply with regulations.

Continuous Supply

A method of inventory management that ensures a constant availability of necessary materials or products.

Colluded

Pertains to an agreement, often secretive, between parties to limit competition or deceive others, frequently seen as unethical or illegal in business practices.