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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

A marginal change is one that

a. is not important for public policy.

b. incrementally alters an existing plan.

c. makes an outcome inefficient.

d. does not influence incentives.

To determine

A marginal change refers to what.

Explanation

Option (b):

Economists use the term marginal change to describe a small incremental adjustment to an existing plan of action. Thus, the option ‘b’ is correct.

Option (a):

A marginal change is one that incrementally alters an existing plan of an action. It is not related to any importance of public policy. Thus, the option ‘a’ is incorrect...

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