You decide to join the economics club, but this means you can't join the accounting club because it meets at the same time. 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

This statement represents the concept of opportunity cost, which is the value of the next best alternative that must be sacrificed in order to obtain something. By choosing to join the economics club, the opportunity cost is the ability to join the accounting club.

You Decide to Join the Economics Club, but This Means