Making optimal decisions "at the margin" requires
A) making consistently irrational decisions.
B) weighing the costs and benefits of a decision before deciding if it should be pursued.
C) making decisions according to one's whims and fancies.
D) making borderline decisions.
B
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Expenditures that are directly included in GDP accounts include
a. the value of housework done by householders b. the selling of illegal drugs c. playing tennis with friends on a Sunday afternoon d. casual labor in sweatshops that is unreported e. going to a Dodgers-Expos game on your day off
Compared to a purely competitive firm in long-run equilibrium, the monopolistic competitor has a:
A. lower price and lower output. B. price and output that may be higher or lower. C. higher price and lower output. D. higher price and higher output.