If the price of a good or service is lowered and people buy more of this good or service, this finding is associated with principle # O Principle #1: People (Including Individuals and Society As a Whole) Face Tradeoffs O Principle #2: The Cost of Something is What You Give Up to Get It O Principle #3: Rational People Think at the Margin O Principle #4: People Respond to Incentives O Principle #5: Trade Can Make Everyone Better Off O Principle #6: Markets Are Usually A Good Way to Organize Economic Activity O Principle #7: Governments Can Sometimes Improve Market Outcomes O Principle #8: A country's standard of living depends on its ability to produce goods and services. O Principle #9: Prices rise when the government prints too much money. O Principle #10: Society faces a short-run tradeoff between inflation and unemployment