Grades are low in class and your professor makes available a 10-point extra credit assignment. Most of the students turn in the assignment. This statement best represents this economic concept:
A)The real cost of something is what you must give up to get it.
B)"How much" is a decision at the margin.
C)People usually exploit opportunities to make themselves better off.
D)There are gains from trade.

Question

Quizplus · Accepted Answer

The economic concept represented in the scenario is that people usually exploit opportunities to make themselves better off. This is because most students turned in the extra credit assignment in order to boost their grades and improve their standing in the class. This behavior is consistent with the idea that people will take advantage of opportunities to improve their own well-being when presented with them.

Grades Are Low in Class and Your Professor Makes Available