The saying that "You cannot have your cake and eat it too" illustrates the economic concept of
A) a positive statement.
B) a normative statement.
C) physical capital.
D) opportunity cost.

Question

Quizplus · Accepted Answer

The saying "You cannot have your cake and eat it too" refers to the concept of opportunity cost, which is the idea that choosing one option means forgoing the benefits of another option. In this case, if you eat the cake, you cannot keep it for later. Thus, the best answer is D. The other options (A, B, and C) are not relevant to the saying.

The Saying That "You Cannot Have Your Cake and Eat