Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.

Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 6AA

See similar textbooks

Similar questions

When looking for which university you want to get admitted to you must have looked for information and then came to a decision. Explain this process using the rational decision-making process
Making a choice at the margin means? Deciding to do a little bit more or a little bit less of an activity. Spending your available grocery budget on the most essential items. Waiting until the last minute to decide what to do. Making a choice by comparing the total benefit and the total cost of an action.
Describe the Rational Decision making Process?
Network externalities are important for a. gas stations. b. AARP, an organization that advocates for seniors. c. slot machines d. music concerts
Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?
Economics promotes which of the following as the way to make the best decision? Continue an enjoyable activity until you are tired of doing it. Continue an enjoyable activity up to the point where its marginal benefit equals its marginal cost. Continue an enjoyable activity as long as you do not have to pay for it. Continue an enjoyable activity until you cannot afford to pursue it.
How can we simplify the decision-making process?
Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?
What we sacrifice, or give in return, when we make a decision or make a choice is:Response option group a) A cost that can be avoided if we make well-thought-out decisions. b) The opportunity cost of said decision. c) The cost incurred for not making a good decision. d) The additional cost of purchasing an additional unit of product.
How to perform a cost benefit analysis?
Which statement best describes the role of consumers in economics? They provide wide range of services. They decide where to sell goods They determine how to use resources. They control production costs.
Are you happy or comfortable in all your decisions from the different situations why?