What are economists illustrating when they use the phrase "There is no such thing as a free lunch"?
A) how inflation increases prices
B) that to get one thing, we must give up something else
C) that nothing is free in a market economy
D) that if something looks too good to be true, it probably is

Question

Quizplus · Accepted Answer

The phrase "There is no such thing as a free lunch" means that to get one thing, we must give up something else. It illustrates the concept of opportunity cost, which is the idea that the cost of something is what we give up to get it. In other words, we cannot get something for free because there is always a cost associated with it, whether it is monetary or in the form of giving up something else.

What Are Economists Illustrating When They Use the Phrase "There