The economic way of thinking entails:
A)the analysis of benefits but not costs.
B)the analysis of costs but not benefits.
C)making choices at the margin.
D)making the distinction between microeconomics and macroeconomics.

Question

Quizplus · Accepted Answer

Making choices at the margin is a fundamental concept in economic thinking. It involves deciding whether to consume or produce one more unit of a product or service, based on the marginal cost and marginal benefit of doing so. The analysis of both costs and benefits is necessary to make informed decisions at the margin, rather than just considering one or the other. The distinction between microeconomics and macroeconomics is also important, but it is not as central to the economic way of thinking as marginal decision making.

The Economic Way of Thinking Entails