Decision Making on the Margin Involves

question 275

Multiple Choice

Decision making on the margin involves

• A) comparing the marginal cost and marginal benefits when making a decision.
• B) comparing the total cost and the total benefit when making a decision.
• C) eliminating the additional cost when making a decision.
• D) determining the total benefits of a decision.
• E) comparing the benefits from the social interest to the benefits from the person's self-interest.

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Definitions:

Dual Processing

The principle that our minds operate using two distinct systems for processing information: unconscious, automatic processing and conscious, deliberate processing.

Selective Attention

The cognitive process of focusing on a specific aspect of information while ignoring other perceivable information.

Change Blindness

A phenomenon where an observer fails to notice significant changes in a visual scene, indicating the selective aspects of visual perception.

Blindsight

A condition in which people are unable to consciously see objects in certain parts of their field of vision despite responding to them in non-conscious ways.