Alex goes to the store to buy snacks. While he's there, he remembers he also has run out of deodorant. When Alex gets to the cashier, he finds that he's forgotten his wallet and has only $5 in cash to spend. Alex has to choose which items to buy. Which of the following key ideas of economics does this illustrate? a. marginal analysis
b. market failure
c. tradeoffs
d. incentives

C) Tradeoffs

Explanation:

A trade-off (or tradeoff) is a decision that has to be taken due to situation that involves diminishing or losing one quality, quantity or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is a situation where one thing increases while another must decrease.

Tradeoffs: Alex has found himself with only $5 to spend and must decide among the items. This illustrates the idea that scarcity forces tradeoffs.

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