When individuals, firms, and policymakers make decisions, these decisions often have both costs and benefits. This is an example of:

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Trade-offs refer to the concept that in order to gain something, something else must be given up. This idea is central to decision-making processes where individuals, firms, and policymakers weigh the costs and benefits of their choices.

When Individuals, Firms, and Policymakers Make Decisions, These Decisions Often