After Swimming 100 Laps at the Pool,Erik Decides to Swim

question 164

Multiple Choice

After swimming 100 laps at the pool,Erik decides to swim 10 more before lifting weights.Which economic principle does this statement BEST represent?

• A)Choices are necessary because resources are scarce.
• B)The true cost of something is its opportunity cost.
• C)"How much" is a decision at the margin.
• D)There are gains from trade.

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Definitions:

Specific Customers

Targeted individuals or groups that a business aims to serve or attract with its products or services.

Customer Receives

The process by which a customer gets the product or service they have purchased.

Price Pays

The concept that the value or quality of a product or service is reflected in its price, implying that higher prices often indicate better quality.

Marketing-Oriented Strategy

A business approach that focuses on meeting the needs and wants of consumers through product development, promotion, and distribution.