Billie Jean has $120 to spend and wants to buy either a new amplifier for her guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $120, so she can only buy one. This illustrates the basic concept that

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trade can make everyone better off.

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people face trade-offs.

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rational people think at the margin.

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decisions made at the margin are not particularly important.

Crowdly

Billie Jean has $120 to spend and wants to buy either a new amplifier for her ...

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