To say that people make marginal decisions means that a. they usually wait until
ID: 1222539 • Letter: T
Question
To say that people make marginal decisions means that
a.
they usually wait until the last minute before making a decision to buy
b.
they weigh the additional costs and additional benefits of various activities before they make a decision
c.
most people just barely get by on the incomes they earn and live from day to day on the very edge of subsistence
d.
given a choice, most people would prefer to make their own decisions concerning the things that affect their lives
e.
they consider the total cost and benefit of various activities before they make a purchase
a.
they usually wait until the last minute before making a decision to buy
b.
they weigh the additional costs and additional benefits of various activities before they make a decision
c.
most people just barely get by on the incomes they earn and live from day to day on the very edge of subsistence
d.
given a choice, most people would prefer to make their own decisions concerning the things that affect their lives
e.
they consider the total cost and benefit of various activities before they make a purchase
Explanation / Answer
i) “If the international terms of trade settle at a level that is between each country’s opportunity cost, both countries gain from trade-
b.
they weigh the additional costs and additional benefits of various activities before they make a decision.
Explanation-As we know from the definition of marginal decission that- Marginal analysis is an examination of the additional benefits of an activity compared to the additional costs of that activity.
b.
they weigh the additional costs and additional benefits of various activities before they make a decision.
Explanation-As we know from the definition of marginal decission that- Marginal analysis is an examination of the additional benefits of an activity compared to the additional costs of that activity.
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