Marginal Analysis Refers to the

question 16

Multiple Choice

Marginal analysis refers to the

• A)relationship between the cause and effect of an economic event.
• B)study of trade relations based on absolute cost differences.
• C)comparison of benefits and costs of choosing a little more or a little less of a good.
• D)calculation of opportunity costs of an economic activity.

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Definitions:

Ethics

A branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior.

Utilitarian Rule

An ethical principle that suggests the best action is the one that maximizes utility, often interpreted as achieving the greatest good for the greatest number of people.

Practical Rule

A guideline or procedure based on practical considerations, often derived from experience, for effective action or decision-making.

Feedback

Information provided regarding aspects of one’s performance or understanding, intended to improve or guide future actions or behaviors.