Match each term with the correct definition. economics opportunity cost marginal analysis utility a. The next-best thing
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Match each term with the correct definition. economics opportunity cost marginal analysis utility
a. The next-best thing that must be foregone in order to product one more unit of a given product.
b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.
c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.
d. Making choices based on comparing marginal benefits with marginal costs.
Opportunity CostOpportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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Related Book For 
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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