Question

When the San Francisco city manager faces a complaint that the city council chamber podium is not accessible to individuals with disabilities, he responds that the $1 million improvement will not happen because "that money could be spent building 70 curb ramps." Which economic principle does this statement best represent? The true cost of something is its opportunity cost. "How much" is a decision at the margin. When markets don't achieve efficiency, government intervention can improve society's welfare. Markets move toward equilibrium.

Answer 1

Answer: The real cost of something is what you must give up to get it

Step-by-step explanation:

Based on the information given, the economic principle that's illustrated in the question is "The real cost of something is what you must give up to get it".

It should be noted that the concept of opportunity cost is illustrated. In this concept, for an economic agent to do a particular thing, something else must be forgone. In this case, it is the real cost if what we forgo. For this to happen, a trade off has to occur.