Economists often express the central idea of economicsthat choices involve a tradeoffwith the saying There is no
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Economists often express the central idea of economics—that choices involve a tradeoff—with the saying “There is no such thing as a free lunch.” A free lunch is a gift—getting something without giving up something else. What does the famous saying mean? Suppose some resources are not being used or are not being used efficiently. Isn’t it then possible to avoid a tradeoff and get a free lunch?
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