Asked by
Duygu Ya?mur Özkanl?
on Nov 11, 2024Verified
Patrick decided to go to class today instead of going to the movies.He made this decision because:
A) Patrick's additional benefit of going to class exceeds the additional cost of going to class.
B) Patrick's additional benefit of going to the movies exceeds the additional cost of going to class.
C) Patrick's additional benefit of going to class exceeds the additional cost of going to the movies.
D) Patrick's additional benefit of going to the movies exceeds the additional cost of going to the movies.
E) Patrick's additional benefit of going to class equals the additional cost of going to the movies.
Additional Benefit
An additional benefit refers to extra advantages or perks that come from using a product or engaging in an activity, beyond the primary gains.
Additional Cost
The extra cost that is incurred when an economic agent decides to increase the level of an activity or purchase.
- Obtain insight into how the rational behavior assumption operates in economics and its bearing on decision-making operations.
Verified Answer
NV
Learning Objectives
- Obtain insight into how the rational behavior assumption operates in economics and its bearing on decision-making operations.