What do economists illustrate 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

When economists use the phrase "There is no such thing as a free lunch," they are illustrating the concept of opportunity cost, meaning to get something we desire, we must give up something else in return. In other words, there is a cost to everything, even if it is not explicit or monetary.

What Do Economists Illustrate When They Use the Phrase "There