Marginalist Theory
Marginalism explains choice with the hypothesis that people decide whether to effect any given change based on the marginal utility of that change, with rival alternatives being chosen based upon which has the greatest marginal utility.
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Famous quotes containing the word theory:
“... liberal intellectuals ... tend to have a classical theory of politics, in which the state has a monopoly of power; hoping that those in positions of authority may prove to be enlightened men, wielding power justly, they are natural, if cautious, allies of the “establishment.””
—Susan Sontag (b. 1933)
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