> > After determining the marginal cost and the marginal benefit of an option, the next step is to _____ .

After determining the marginal cost and the marginal benefit of an option, the next step is to _____ .

be better or worse off from the decision consume an extra unit of a...

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After determining the marginal cost and the marginal benefit of an option, the next step is to _____ .

be better or worse off from the decision consume an extra unit of a good or service decide which is marginal cost or marginal benefit

Answer

After determining the marginal cost and the marginal benefit of an option, the next step is to DECIDE WHICH IS MARGINAL COST OR MARGINAL BENEFIT.
If the marginal benefit is greater than the marginal cost, then it is better to proceed with the option.
If the marginal cost is greater than the marginal benefit, then it is better to retain the status quo.

Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 44 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 41 views.

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