A good economist will ignore ________ and focus on ________ when it comes to making the right decisions.

Question

Quizplus · Accepted Answer

A good economist will ignore sunk costs, which are costs that have already been incurred and cannot be recovered. Instead, they will focus on marginal value, which is the additional value obtained from an extra unit of a good or service. By focusing on marginal value, economists can make decisions based on the expected benefits and costs of a particular action, rather than being influenced by past investments or emotional attachments to a particular outcome.

A Good Economist Will Ignore ________ and Focus on ________

A Good Economist Will Ignore and Focus on