Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).
-Weighing the benefits and costs of the different speeds at which to sail an ocean cargo ship addresses the economic concept known as
A) the principle of opportunity cost.
B) the marginal principle.
C) the principle of voluntary exchange.
D) the principle of diminishing returns.

Question

Quizplus · Accepted Answer

The economic concept being addressed in this application is the Marginal Principle. The best choice would be to sail the cargo ship at the speed that maximizes the difference between the marginal benefits and the marginal costs, which is typically around 13-15 knots.

Recall the Application About the Best Speed at Which to Sail