Decision Making on the Margin Involves

question 102

Multiple Choice

Decision making on the margin involves

• A)eliminating the additional cost when making a decision.
• B)comparing the total cost and the total benefit when making a decision.
• C)comparing the benefits for the social interest to the benefits for the person's self-interest.
• D)comparing the marginal cost and marginal benefit when making a decision.
• E)determining the total benefit of a decision.

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Definitions:

Implementing Agreement

The process of putting a mutually agreed plan or contract into action.

Positive Effects

Beneficial outcomes or impacts resulting from a particular action or set of conditions.

Accommodating

The approach of being willing to adjust actions or decisions to allow for others’ needs, preferences, or interests.

Compromise

A method of resolving differences by each party making concessions to reach a mutually acceptable agreement.