If a person takes an action if, and only if, the extra benefits from taking that action exceed the extra costs, then that person is:

Question

Quizplus · Accepted Answer

This is the definition of the Cost-Benefit Principle, which suggests that individuals make rational decisions by comparing the extra benefits to the extra costs of an action. Therefore, a person who takes an action only if the extra benefits outweigh the extra costs is following the Cost-Benefit Principle.

If a Person Takes an Action If, and Only If