Asked by Jacob Rosmarin on May 14, 2024
Verified
Most real economic choices involve small (or marginal)changes rather than all-or-nothing decisions.
Marginal Changes
Small incremental adjustments to a plan of action, often analyzed in economics to understand the effects of slightly altering production, consumption, or investment.
- Gain insight into marginal analysis as it applies to decisions in economics.
Verified Answer
MB
Marisa BalzanoMay 19, 2024
Final Answer :
True
Explanation :
This statement is true, as most economic decisions involve weighing the costs and benefits of small changes, such as whether to buy one more unit of a product or not, rather than making drastic all-or-nothing decisions.
Learning Objectives
- Gain insight into marginal analysis as it applies to decisions in economics.
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