Georgia is pondering whether adding one additional painting to her art installation will make the audience’s experience better or worse. This example best illustrates which of the following four key ideas in Economics? Select one: a. the invisible hand principle b. gains from trade c. opportunity cost d. net marginal benefit
Georgia is pondering whether adding one additional painting to her art installation will make the audience’s experience better or worse. This example best illustrates which of the following four key ideas in Economics? Select one: a. the invisible hand principle b. gains from trade c. opportunity cost d. net marginal benefit
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Georgia is pondering whether adding one additional painting to her art installation will make the audience’s experience better or worse. This example best illustrates which of the following four key ideas in Economics?
Select one:
a.
the invisible hand principle
b.
gains from trade
c.
opportunity cost
d.
net marginal benefit
Expert Solution
Step 1
Answer: option d (net marginal benefit)
Explanation:
Since Georgia is pondering about the marginal benefit (in terms of experience) received by the audience due to an additional painting so it is the concept of net marginal benefit.
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