Grades Are Low in Class and Your Professor Makes Available

question 157

Multiple Choice

Grades are low in class and your professor makes available a 10-point extra credit assignment. Most of the students turn in the assignment. This statement best represents this economic concept:

• 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.

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Definitions:

Barriers to Entry

Factors that make it difficult for new firms to enter a market, such as high start-up costs or strict regulations.

Oligopoly

A market form characterized by a small number of firms controlling a large market share, often leading to limited competition.

Interdependence

A situation in which two or more entities are dependent on each other for resources, information, or transactions.

Rivals

Competitors who are in direct competition with one another, vying for the same market share or resources.