Asked by Kristen Buehler on Jul 07, 2024
Verified
Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff.
Tradeoff
The concept of giving up one benefit or advantage in order to gain another, considered more desirable.
- Acquire knowledge of the fundamental concessions required in economic decision-making.
- Identify the role of opportunity cost in economic decisions.
Verified Answer
LK
Liridona KelmendiJul 08, 2024
Final Answer :
True
Explanation :
A tradeoff occurs when choosing one option results in the loss of an opportunity to experience another option, in this case, attending a concert versus studying for an exam.
Learning Objectives
- Acquire knowledge of the fundamental concessions required in economic decision-making.
- Identify the role of opportunity cost in economic decisions.