Question

The situation where one thing has to be given up in order to have some other item is called?

1) Opportunity cost
2) Trade-off
3) Equilibrium
4) Marginal cost

Answer 1

A trade-off is the situation where one thing has to be given up in order to have some other item.

Step-by-step explanation:

The situation where one thing has to be given up in order to have some other item is called a trade-off. Trade-offs occur when one benefit is given up in order to gain another. For example, when making a choice between going to the movies or seeing a concert on a Friday night, a trade-off is involved because one option must be given up in favor of the other.