When the San Francisco city manager faces a complaint that the city council chamber podium is not accessible to individuals with disabilities, he responds that the $1 million improvement will not happen because "that money could be spent building 70 curb ramps." This statement best represents this economic concept:
A)Resources are scarce.
B)The real cost of something is what you must give up to get it.
C)"How much" is a decision at the margin.
D)When markets don't achieve efficiency, government intervention can improve society's welfare.

Question

Quizplus · Accepted Answer

The city manager's statement reflects the economic concept that the real cost of something is what you must give up to get it, in this case, the choice to improve accessibility at the council chamber podium or to build curb ramps. This highlights the idea that resources are scarce and society must make choices about how to allocate them.

When the San Francisco City Manager Faces a Complaint That