The marginal benefit of the book is greater than its marginal cost.
His income is high.
The book will give him utility.
The marginal cost of the book is greater thn its marginal benefit.
To obtain more of one thing, society forgoes the opportunity of getting the next best thing.
The value of the good, service, or time forgone to obtain something else.
Individual look for and pursue opportunities to increase their utility which is pleasure, happiness, or satisfaction.
Is about wants and means.
The want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good service (or from the consumption of a collection of goods and services).
Individual look for and pursue opportunities to increase their utility.
Are opinion based, so they cannot be proved or disproved.
Are not opinion so they can be proved or disproved.
None of the above
Is one that cannot be tested or verified and is based on a value judgment.
Expresses a value judgment about whether a situation is desirable or undesirable. It looks at the world as it “should” be.
“Homework is very easy”
College is the only way a person can be properly educated.
“All parents try to make life difficult for their children”
“Universities should be tuition free”
“People should earn more when financial crisis comes”
“The unemployment rate will increase as the economy moves into a recession”
“The price milk should be $6 a gallon to give dairy farmers a higher living standard and to save the family farm”
“Unemployment is more harmful that inflation” (inflation is a general increase in the prices of goods and services in a country).
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