Marginal Cost is the cost of producing 100 more items.

If a person chooses to buy a pair of shoes instead of a new jacket, what does the jacket represent in economic terms?

The need to make a choice arises because____________.

The benefit gained when a choice has been made is a/ an ___________.

Deciding between soda and water at dinner is considered to be a ________ decision.

If a person is making a decision, they are looking at the two ___________.

Consuming an extra good or service is considered to be a _________________.

Marginal Cost and Benefit are evident in every either or decision.

If a person was able to purchase more of a good than expected, it would be considered to be a__________ ________________.

Second best alternative, the option not chosen is the _______ ______ of the situation.

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