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The need to make a choice arises because____________.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
If a person was able to purchase more of a good than expected, it would be considered to be a__________ ________________.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
Deciding between soda and water at dinner is considered to be a ________ decision.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
Second best alternative, the option not chosen is the _______ ______ of the situation.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
Marginal Cost and Benefit are evident in every either or decision.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
If a person is making a decision, they are looking at the two ___________.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
The benefit gained when a choice has been made is a/ an ___________.
True
Marginal Benefit
Opportunity Cost
Trade-off
incentive
Everything that exists is limited
Opportunity Cost
alternatives
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