Marginal analysis involves:
a. comparing the total benefits of all actions to the total costs incurred as a result of those actions.
b. abstract thinking, which is never actually utilized by consumers when making purchasing decisions.
c. holding all other variables constant when isolating the relationship between two variables
d. comparing the additional benefit from an action to the additional cost.
d
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Producer surplus is the:
A) sum of a seller's reservation value and the price he finally receives. B) difference between a seller's reservation value and the price he finally receives. C) product of a seller's reservation value and the price he finally receives. D) ratio of a seller's reservation value to the price he finally receives.
Suppose the working-age population of a fictional economy falls into the following categories: 30 are retired; 45 are stay-at-home parents; 120 are employed full time; 40 are employed part time; 25 are unemployed but are actively looking for
employment; 15 are unemployed and are not actively looking for employment. The official unemployment rate as calculated by the BLS would be A) 9.62%. B) 13.51%. C) 14.55%. D) 20.0%.