When Economic Choice Involves an Adjustment to an Existing Situation

question 138

Multiple Choice

When economic choice involves an adjustment to an existing situation, marginal analysis

• A)has no practical applications or real-world uses
• B)eliminates incorrect decisions and bad choices
• C)involves comparing the additional costs and additional benefits of an activity before deciding
• D)involves examining only the total costs and total benefits of an activity before deciding
• E)none of the above

---

Definitions:

Yield

The amount of product produced per unit area or per process.

Wheat Varieties

Different types or classifications of wheat, each with unique characteristics, growth patterns, and adaptation to climates.

Randomized Block Design

A statistical experiment design that aims to reduce the effects of confounding variables by dividing subjects into blocks before randomly assigning treatments.

Soil Type

A classification of soil based on its physical and chemical properties, such as texture, structure, and nutrient content.