Recall the Application About the Best Speed at Which to Sail

question 142

Multiple Choice

Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s) .
-Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower.

• A) marginal benefit; marginal cost
• B) marginal cost; marginal benefit
• C) marginal benefit; opportunity cost
• D) marginal cost; opportunity cost

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Definitions:

Aggregate Supply

Aggregate supply is the total supply of goods and services that firms in a national economy plan to sell during a specific time period, affected by several factors including production costs and labor availability.

Short-Run

A period in economics where at least one input is fixed, usually applied to analyze immediate impacts on the economy.

Money Supply

The full quantification of financial means in an economy at a certain point in time, including tangible currency like coins and notes and virtual balances in checking and savings accounts.

Interest Rates

The percentage of a sum of money charged for its use, influencing investment and consumption in the economy.