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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126
Chapter 1, Problem 1QR
Textbook Problem
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Give three examples of important trade-offs that you face in your life.

To determine
Trade-off situations.

Explanation of Solution

A few of the important trade-offs faced in real life are given below:

  • Trade-off between studying one subject over studying another subject.
  • Spending 15 dollars to buy a pizza or to buy a study guide.
  • Buying a car leads to a trade-off between the cost of the car and the cost of other things one might want to buy.
Economics Concept Introduction

Concept introduction:

Trade-off: Trade-off refers to producing more of one good or service in exchange for producing less of another good or service.

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