A Rational Decision Maker Takes an Action Only If the

question 90

Multiple Choice

A rational decision maker takes an action only if the

• A)marginal benefit is less than the marginal cost.
• B)marginal benefit is greater than the marginal cost.
• C)average benefit is greater than the average cost.
• D)marginal benefit is greater than both the average cost and the marginal cost.

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Definitions:

Expected Number

A statistical value representing the average outcome in a series of trials or an estimate based on probability.

Human History

The recorded events, cultures, and significant developments in the life of mankind, from ancient times to the present.

Age Structure

Distribution of population members among various age categories.

Distribution

The way in which something is shared or spread out over a certain area, or among a population.