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