Refer to the Information Provided in Figure 1

question 217

Multiple Choice

Refer to the information provided in Figure 1.2 below to answer the question(s) that follow. Figure 1.2
-Refer to Figure 1.2. The slope of the line between Points A and B is

• A) 0.4.
• B) 1.2.
• C) 2.5.
• D) indeterminate from this information.

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Definitions:

Marginal Principle

A decision-making practice that involves considering the additional benefits or costs of a change in activity level, choosing to increase the level if the marginal benefits exceed marginal costs.

Resources

Assets, materials, or substances available for use in the production process, human activities, or for satisfying needs.

Economists

Professionals who study how societies use scarce resources to produce valuable commodities and distribute them among different people.

Opportunity Cost

Opportunity cost represents the value of the best alternative that is foregone when a choice is made between several mutually exclusive options.