A smart choice is based on a comparison of marginal benefits and marginal opportunity costs.

Question

Quizplus · Accepted Answer

Marginal benefits refer to the additional benefit that can be derived from consuming an additional unit of a good or service, while marginal opportunity cost refers to the additional cost of giving up the opportunity to use resources in their next best alternative way. By comparing these two values, individuals and businesses can make a smart choice that maximizes their overall benefit.

A Smart Choice Is Based on a Comparison of Marginal