Lawrence Is a Photographer

question 14

Multiple Choice

Lawrence is a photographer.He has $230 to spend and wants to buy either a flash for his camera or a new tripod.Both the flash and tripod cost $230,so he can only buy one.This illustrates the principle that

• A)trade can make everyone better off.
• B)people face trade-offs.
• C)rational people think at the margin.
• D)people respond to incentives.

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Definitions:

Addition

A mathematical operation that represents the total sum of two or more numbers.

Multiplication

A mathematical operation that calculates the total of one number added to itself a certain number of times based on another number.

Addition

The mathematical process of combining two or more quantities to get a sum.

Exponentiation

A mathematical operation involving two numbers, the base and the exponent, where the base is raised to the power of the exponent.