Consider your decision to attend class in college or skip it. Which of the four core principles of economics applies to the notion that each additional class you attend helps increase your likelihood of mastering the material?
A)Cost-benefit principle
B)Opportunity cost principle
C)Marginal principle
D)Interdependence principle

Question

Quizplus · Accepted Answer

The marginal principle states that individuals make decisions based on the additional benefit they will receive from doing one more unit of an activity compared to the cost of that unit. In this scenario, attending an additional class provides additional marginal benefit in the form of increased likelihood of mastering the material, compared to the marginal cost of attending that class (e.g. time spent attending class rather than engaging in other activities). Therefore, applying the marginal principle suggests that attending additional classes is the optimal choice.

Consider Your Decision to Attend Class in College or Skip