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23 July, 11:28

Bart has decided to buy some water balloons rather than get an extra milk at lunch. choosing among economic alternatives is referred to as

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  1. 23 July, 11:42
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    In making the decision to purchase water balloons as opposed to extra milk, Bart is using the economic thought process of opportunity cost. He is giving up the milk, in order to get more satisfaction from the water balloons, despite the fact that he is losing out on the former.
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