Question

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 the economic concept of: 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. E. markets move toward equilibrium. ____ 27. The student center on campus has burritos, bagel

Answer 1

Answer: Option (A) is correct.

Step-by-step explanation:

The statement in the question best describe the economic concept of real cost of some activity that is foregone to get the satisfaction from the other activity.

There is one more economic concept that is opportunity cost. Opportunity cost refers to the cost or benefit that must be give up by choosing some other alternative.

In our case, you have to decide whether you want to join accounting club or economics club and timings of both the clubs are same. Therefore, you have to choose one club and give up the other one. The cost of giving up is the opportunity cost.