Which of the following statements exemplifies a principle of individual decision making?
A)Trade can make everyone better off.
B)Governments can sometimes improve market outcomes.
C)The cost of something is what you give up to get it.
D)Prices rise when the government prints too much money.

Question

Quizplus · Accepted Answer

The principle that "The cost of something is what you give up to get it" exemplifies the concept of opportunity cost, which is a fundamental principle of individual decision making in economics. It highlights the trade-offs involved in any decision.

Which of the Following Statements Exemplifies a Principle of Individual