Asked by
Toneann Herron
on Oct 27, 2024Verified
You are analyzing a trade-off when you compare the _____ and _____ of doing something.
A) direct costs;opportunity costs
B) marginal benefits;total benefits
C) costs;benefits
D) direct costs;total costs
Trade-off
The compromise between two desirable but mutually exclusive outcomes in decision-making.
Opportunity Costs
The expense incurred from not choosing the next most advantageous option during decision-making.
Direct Costs
Costs that can be directly attributed to the production of a specific good or service, such as raw materials and labor.
- Appreciate the importance of choices and trade-offs in economic theory.
- Comprehend the concept of opportunity cost as a fundamental principle in economics.
Verified Answer
CF
Learning Objectives
- Appreciate the importance of choices and trade-offs in economic theory.
- Comprehend the concept of opportunity cost as a fundamental principle in economics.
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