Making Choices on the Margin Means

question 119

Multiple Choice

Making choices on the margin means

• A) scribbling on the edges of your notebook paper.
• B) comparing all relevant alternatives systematically and incrementally.
• C) making a decision based on emotions.
• D) making decisions in the largest possible increments.
• E) taking account of all marginal benefits, all opportunity costs, and all sunk costs.

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Definitions:

Numerical Composition

Numerical composition refers to the representation or breakdown of components in a sample or group by their numbers, often used in statistical analysis.

Sampling Error

The discrepancy between the statistics calculated from a sample and the corresponding values in the entire population.

Confidence Interval

A confidence interval is a range of values, derived from statistical analysis, that is likely to contain the true value of an unknown population parameter.

Census Limits

The constraints or limitations inherent in conducting a census, such as time, cost, and accuracy of data collection.