Question

In marginal analysis, when comparing costs and benefits, an optimal choice is found when ______. (Note: MB = marginal benefit, MC = marginal cost, TB = total benefit, and TC = total cost.) Select the correct answer below:
a. MB≥MC
b. MB c. TB=TC
d. TB>TC

Answer 1

Answer:

In marginal analysis, when comparing costs and benefits, an optimal choice is found when MB≥MC

Explanation:

As per  marginal analysis, optimal decision-making involves taking actions when the marginal benefit exceeds the marginal cost.(i.e MB>=MC)

Marginal cost can be defined as the change in the Total cost when producing an additional unit of output.

so the answer is (a) MB≥MC

Answer 2

When we are comparing costs and benefits In a marginal analysis, an optimal choice is found when marginal benefit exceeds the marginal cost.(MB>=MC).

Marginal analysis means the examination of the additional benefits of an activity in comparison to the additional costs incurred by the activity.

Hence, an optimal choice is found when marginal benefit exceeds the marginal cost.(MB>=MC) in a marginal analysis.

Therefore, the Option A is correct.

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