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By Romer D.

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If the marginal benefit from an extra night of study exceeds its marginal cost, you study the extra night. If the marginal cost exceeds the marginal benefit, you dont study the extra night. The central idea of economics is that we can predict the self-interested choices that people make by looking at the incentives they face. People undertake those activities for which marginal benefit exceeds marginal cost; and they reject options for which marginal cost exceeds marginal benefit. For example, your economics instructor gives you a problem set and tells you these problems will be on the next test.

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2) * * * All economic questions arise from scarcity from the fact that wants exceed the resources available to satisfy them. Economics is the social science that studies the choices that people make as they cope with scarcity. The subject divides into microeconomics and macroeconomics. * * * * 9) Every choice is a tradeoff exchanging more of something for less of something else. People make rational choices by comparing benefit and cost. Cost opportunity cost is what you must give up to get something.

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