Asked by
Dashiam Lewis
on Oct 09, 2024
Verified
Kara was out jogging and,despite being tired,decided to run one more mile.Based on her actions,economists would conclude that Kara:
A) must be an avid runner.
B) decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile.
C) decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile.
D) was not very tired,so the marginal cost of the extra mile was very low.
Marginal Benefit
The incremental benefit or satisfaction obtained from consuming one additional unit of a particular good or service.
Marginal Cost
The additional cost incurred to produce one more unit of a good or service, important for decision-making in production and pricing strategies.
Avid Runner
An individual who is highly passionate and consistent about running as a form of exercise or sport.
- Identify the intentional aspect of economic choices.
- Understand the concept of opportunity costs and its application in decision making.
Verified Answer
GT
Learning Objectives
- Identify the intentional aspect of economic choices.
- Understand the concept of opportunity costs and its application in decision making.