Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).
-Saving time by driving faster is an example of a ________ of driving faster. Increasing the severity of injuries from a potential accident due to driving faster is a(n)________ of driving faster.
A) nominal cost; real cost
B) marginal cost; nominal cost
C) marginal benefit; marginal cost
D) normative benefit; opportunity cost

Question

Quizplus · Accepted Answer

Saving time by driving faster is a marginal benefit because it directly benefits the driver by reducing travel time. Increasing the severity of injuries from a potential accident due to driving faster is a marginal cost, as it represents a potential negative consequence of driving faster.

Recall the Application About the Best Speed at Which to Sail