Trade-offs:

Name: Trade-offs:
Brand: Quizplus
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Question

Trade-offs:

Quizplus · Accepted Answer

Trade-offs are inherent in every decision and involve sacrificing one thing in order to obtain something else. There is no such thing as a free lunch and every decision has a cost, whether it is time, money, or opportunity. Economic planning may be able to mitigate some trade-offs, but it cannot eliminate them entirely. Market failure is not necessarily a result of trade-offs, but rather a failure of the market to allocate resources efficiently.

Trade-Offs