Which of the following best describes the cooperative action and effort of a group of people acting together in economics?

• A. Marginal utility
• B. Scarcity
• C. Opportunity cost
• D. Collective action

Answer: (D)

Verified step by step guidance

1. Understand the key terms provided in the options: Marginal utility refers to the additional satisfaction gained from consuming one more unit of a good or service.
2. Scarcity describes the fundamental economic problem of having limited resources to meet unlimited wants.
3. Opportunity cost is the value of the next best alternative foregone when making a decision.
4. Collective action involves the cooperative effort of a group of people working together to achieve a common economic goal or solve a shared problem.
5. Since the question asks for the term that best describes the cooperative action and effort of a group, identify that 'Collective action' is the correct concept because it directly relates to group cooperation in economics.