In Economic Analysis,the Principle of Marginal Analysis Refers To

question 46

Multiple Choice

In economic analysis,the principle of marginal analysis refers to:

• A)dividing large problems into smaller,more manageable ones.
• B)the notion that a group's problems can be effectively analyzed by focusing on only a small subsample of the group.
• C)the result that the optimal quantity of an activity is that at which marginal benefit is equal to marginal cost.
• D)the result that the optimal quantity of an activity is that at which the net benefit of the representative,or marginal,individual is maximized.

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Definitions:

Informational Social Influence

influence resulting from a person’s willingness to accept others’ opinions about reality.

Collectivism

A cultural or political philosophy that emphasizes the importance of the group or community over individual interests.

Conformity

The act of adjusting one's behavior or thinking to align with the group norms or expectations, often as a result of real or imagined group pressure.

Collectivism

A cultural value that prioritizes the group's needs over individual desires or accomplishments, often associated with societies that emphasize social harmony and interdependence.