Question

Which best describes the decision-making process when doing a cost-benefit analysis? a. trying to predict the future b. weighing pros and cons c. asking economists what makes sense .d. ignoring needs in favor of wants

Answer 1

Answer is option b, i.e. weighing pros and cons.

Step-by-step explanation:

Cost-benefit analysis is used to calculate the positive gains of the business against various factors that incur costs and losses on the same. Thus, the purpose of doing cost-benefit analysis in the decision making process is to evaluate the cost that will be incurred and how much profit does a particular decision would give. This is thus helpful in measuring the pros and cons of any decision that is to be taken for any particular business.