The student center on campus has burritos, bagels, or burgers for lunch, and they all cost the same. You love burgers and bagels, but you decide to have a burger today. If they were out of burgers, you would have bought a bagel. 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)Resources are used to produce something else.
D)There are gains from trade.

Question

Quizplus · Accepted Answer

This statement represents the economic concept of opportunity cost, which is the real cost of something being what one must give up to get it. In this case, the student had to give up the opportunity to have a bagel to get a burger.

The Student Center on Campus Has Burritos, Bagels, or Burgers