Asked by Abtin Hoseini on May 25, 2024
Verified
In economics,the term marginal usually refers to:
A) a small change in an economic variable.
B) a low-quality product or resource.
C) an unimportant and irrelevant economic variable.
D) an all-or-nothing economic decision.
E) a footnote or minor point.
Marginal
Relating to the change or difference resulting from a slight incremental increase or decrease in a variable's level.
Economic Variable
A measurable quantity that represents a component of economic performance or behavior, such as GDP, unemployment rate, or inflation.
- Digest the concept of rational behavior in economics and comprehend its influence on determining choices.
Verified Answer
KK
Khushi KingraMay 29, 2024
Final Answer :
A
Explanation :
In economics, the term marginal refers to a small change in an economic variable, such as the cost or benefit of producing one more unit of a good. This concept is important in decision-making and understanding how individuals and firms make choices based on the marginal analysis of costs and benefits.
Learning Objectives
- Digest the concept of rational behavior in economics and comprehend its influence on determining choices.