Which of the Following Is NOT a Key Principle of Economics

question 93

Multiple Choice

Which of the following is NOT a key principle of economics?

• A) Optimization
• B) Equilibrium
• C) Empiricism
• D) Substitution

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Definitions:

Marginal Benefit

The additional satisfaction or utility gained by consuming an additional unit of a good or service.

Marginal Cost

The extra expense involved in creating an additional unit of a product or service.

Constant Marginal Costs

A situation where the cost of producing one more unit of a good or service remains unchanged regardless of the volume of production.

Marginal Cost

The rise in overall expenses associated with producing an extra unit of a product or service.