Which of the following statements exemplifies a principle of individual decisionmaking?
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)All of the above are correct.

Question

Quizplus · Accepted Answer

The statement "the cost of something is what you give up to get it" is a principle of individual decisionmaking as it explains the concept of opportunity cost, which is a crucial factor in making individual decisions. The other statements, although important in economics, do not directly relate to the principle of individual decisionmaking.

Which of the Following Statements Exemplifies a Principle of Individual