Asked by
Ruksar Parveen
on Oct 27, 2024Verified
You decide to join the economics club,but this means you can't join the accounting club because it meets at the same time.Which economic prinicple does this statement BEST represent?
A) The true cost of something is its opportunity cost.
B) "How much" is a decision at the margin.
C) People usually respond to incentives,exploiting opportunities to make themselves better off.
D) There are gains from trade.
Opportunity Cost
The trade-off of not seizing the next most favorable opportunity when faced with a decision.
Economics Club
A group or organization often found in academic institutions, where members discuss economic theories, current events, and sometimes engage in related projects or competitions.
Accounting Club
An organization or group often found in academic settings that focuses on the study and discussion of accounting practices, career development, and networking for accounting students and professionals.
- Gain insight into the idea of opportunity cost and how it is implemented in various instances of making decisions.
Verified Answer
SB
Learning Objectives
- Gain insight into the idea of opportunity cost and how it is implemented in various instances of making decisions.