"If" Arguments May Ignore Obvious Unpredictable Conditions

question 49

True/False

"If" arguments may ignore obvious unpredictable conditions.

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Definitions:

Marginal Opportunity Cost

By deciding on one route, one foregoes the possible advantages that other routes could have offered.

Long-run Equilibrium

The state in which, over time, supply and demand are balanced, and all adjustments to economic conditions have been made, resulting in stable prices and outputs.

Marginal Cost

The hike in expense for producing another unit of a product or service.