13. Marginal thinking is best demonstrated by: A. choosing to spend one more hour studying economics...

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13. Marginal thinking is best demonstrated by: A. choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. B. deciding to never purchase a coat made with animal skins or furs C. acquiring the information relevant to a choice before making that choice D. measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake 14. The general pattern that consumption of the first few units of any good tends to bring a higher level of to a person than consumption of later units is a common pattern. A. utility B. marginal benefit C. opportunity cost D. sunk costs 15. The model that economists use for illustrating the process of individual choice in a situation of scarcity is the sometimes also called the opportunity set, a diagram which shows what choices are possible. A. consumption set B. budget constraint C. original budget D. income cap 13. Marginal thinking is best demonstrated by: A. choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. B. deciding to never purchase a coat made with animal skins or furs C. acquiring the information relevant to a choice before making that choice D. measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake 14. The general pattern that consumption of the first few units of any good tends to bring a higher level of to a person than consumption of later units is a common pattern. A. utility B. marginal benefit C. opportunity cost D. sunk costs 15. The model that economists use for illustrating the process of individual choice in a situation of scarcity is the sometimes also called the opportunity set, a diagram which shows what choices are possible. A. consumption set B. budget constraint C. original budget D. income cap

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