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Toneann Herron
on Oct 27, 2024

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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.
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carol fakahanyOct 31, 2024
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