You decide to join the football team, but this means you can't join the basketball team, as the practices for the two teams occur at the same time. Which economic principle does this statement BEST represent? O a. The true cost of something is its opportunity cost. Ob. People usually respond to incentives, exploiting opportunities to make themselves better off. OC How much" is a decision at the margin. Od. There are gains from trade.

You decide to join the football team, but this means you can't join the basketball team, as the practices for the two teams occur at the same time. Which economic principle does this statement BEST represent? O a. The true cost of something is its opportunity cost. Ob. People usually respond to incentives, exploiting opportunities to make themselves better off. OC How much" is a decision at the margin. Od. There are gains from trade.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 2CQQ

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Suppose you and a friend are stranded on an island and must gather firewood and catch fish to survive. Through experience, you know that if each of you spends an entire day on either activity, the result is given in the following table: You Your Friend Fish 7 8 Firewood 6 bundles 3 bundles You and your friend decide that you should each specialize so that one person catches fish while the other gathers firewood. But who should do which task? a. What is the opportunity cost for you to gather an additional bundle of firewood? fish. The opportunity cost for you to gather an additional bundle of firewood is (Round your answer to two decimal places.) What is your friend's opportunity cost of gathering an extra bundle of firewood? Your friend's opportunity cost of gathering an extra bundle of firewood is fish. (Round your answer to two decimal places.) b. Assuming that you and your friend specialize, what allocation of tasks maximizes total output for your one day of joint effort? To…
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Explain all options compulsory and solve all questions ....you will not solve all questions then I will give you down upvote...
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