Refer to the definition of the cost-benefit principle given in the text: the extra benefits and extra costs determine whether an action should be taken. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-02 Explain and apply the Cost-Benefit Principle; which says that an action should be taken if; but only if; its benefit is at least as great as its cost. Topic: Economics: Studying Choice in a World of Scarcity 17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is: Considering the extra benefits and extra costs of an action is an example of using the cost-benefit principle.
Refer to the definition of the cost-benefit principle given in the text: the extra benefits and extra costs determine whether an action should be taken. AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-02 Explain and apply the Cost-Benefit Principle; which says that an action should be taken if; but only if; its benefit is at least as great as its cost. Topic: Economics: Studying Choice in a World of Scarcity 17. Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is: Considering the extra benefits and extra costs of an action is an example of using the cost-benefit principle.
Sample-3.docx