Question: . Chapter 1 mentioned the basic economic concept of Marginal Cost = Marginal Benefit. Essentially what is this concept all about? A) People are trying

. Chapter 1 mentioned the basic economic concept of Marginal Cost = Marginal Benefit.

Essentially what is this concept all about?

A) People are trying to weigh the good and bad of various choices. They will ultimately

choose the option that gives them the most benefit at the least cost in order to maximize

their happiness.

B) This is not a very useful formula in economic thought.

C) This formula was replaced by the MC=MR formula in 1936 after John Maynard Keynes

developed his macroeconomic ideas.

D) This was another famous formula invented by the Monetarist School of economics.

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