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.

Question

Quizplus · Accepted Answer

The statement is referring to the concept of opportunity cost, which is the idea that in making a decision, one must consider the value of what is being given up. In this case, joining the economics club comes at the cost of not being able to join the accounting club due to scheduling conflicts.

You Decide to Join the Economics Club,but This Means You