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Figure 1.2
Using the figure above, identify the labeled part.
-Label FF: ______________________________
Marginal Benefit
The added joy or utility one achieves by consuming an additional unit of a product or service.
Cost-Benefit Analysis
is a systematic approach to estimating the strengths and weaknesses of alternatives, used to determine the best option through weighing the cost against benefits.
Median-Voter Model
A theory that suggests the outcome of a majority vote is likely to represent the preferences of the voter who is in the median position.
Political Office Seeker
An individual actively pursuing or intending to pursue election to a political position within government.