Question

To engage in economic reasoning, you must compare:
a. total cost and total benefit.
b. marginal cost, sunk cost, and total benefit.
c. sunk cost and marginal cost.
d. marginal cost and marginal benefit.

Answer 1

Answer:

d. marginal cost and marginal benefit.

Explanation:

Sunk cost isn't considered in economic reasoning.

Marginal benefit is change in utility when consumption is increased.

Marginal Cost is change in cost when production is increased.