Economics Promotes Which of the Following as the Way to Make

question 209

Multiple Choice

Economics promotes which of the following as the way to make the best decision?

• A)Continue an enjoyable activity as long as you do not have to pay for it.
• B)Continue an enjoyable activity until it is no longer enjoyable.
• C)Continue an enjoyable activity until you cannot afford to pursue it.
• D)Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost.

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Definitions:

Average Cost Function

An equation that represents the total cost of producing goods or services divided by the quantity of goods or services produced.

Fertility Index

A measure used to evaluate the fertility rate of a population, taking into account the number of children born to women of childbearing age.

Gasoline

A flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Price Elasticity

An assessment of demand's elasticity regarding the pricing changes of a specific product.