If You Decide to Go to Cancún with Your Friends

question 190

Multiple Choice

If you decide to go to Cancún with your friends during spring break,you cannot go to Paris with your sister in the summer.Which economic principle does this statement BEST represent?

• A)The true cost of something is its opportunity cost.
• B)"How much" is a decision at the margin.
• C)People usually respond to incentives,exploiting opportunities to make themselves better off.
• D)There are gains from trade.

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Definitions:

Two-Component Process

A process consisting of two distinct parts or stages that together complete a task or produce a product.

Success Rate

The percentage of attempts or operations that are successful, often used as a measure of efficiency or effectiveness.

MTBF

Mean Time Between Failures, a reliability term used to predict the time elapsed between inherent failures of a system during operation.

Operating Time

The total amount of time during which a machine, system, or facility is functioning and available for use.