Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.

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A: Opportunity cost is the sacrifice of benefit which could have been received from the second-best…

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Q: How does cost-benefit analysis differ from cost-effectiveness analysis?

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A: Choices are a result of scarcity in the economy whereby the resources are scarce due to unlimited…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

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A: Resources are scarce and wants are limited. Thus there always exists tradeoff of resources.

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A:

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Q: *Make a response,question, or clarification for that opinion

A: The consumer is an individual that buys the products and services from the seller in the market.

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