Which of the following statements accurately describe the principles of marginal analysis? Select all that apply.

Marginal analysis is a method used to examine the benefits and costs of small changes in decision-making. It focuses on the additional or "marginal" benefits gained from an action compared to the additional costs incurred. For example, if a student considers studying one more hour for a test, they would weigh the extra knowledge gained against the opportunity cost of not spending that hour on something else, like relaxing or socializing. This approach helps individuals and businesses make informed choices by ensuring that the benefits outweigh the costs. Overall, marginal analysis is about making decisions that maximize benefits while keeping costs in check.