In order to determine whether to major in economics,a rational individual compares the ________ of the decision.
A) marginal benefit and marginal cost
B) opportunity cost and the sunk cost
C) positive benefits and normative costs
D) normative benefits and positive costs
E) self-interest and social-interest

Question

Quizplus · Accepted Answer

Rational decision-making involves comparing the marginal benefit and the marginal cost of a decision. This means weighing the additional benefit gained from pursuing a particular major (such as economics) against the additional cost of doing so (such as tuition, time, effort, etc.). By comparing these two factors, an individual can make an informed decision about whether or not to pursue a major in economics.

In Order to Determine Whether to Major in Economics,a Rational