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At Ultrinsic.com, students pay a small entry fee to compete in grades-based contests for cash prizes....

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Economics

At Ultrinsic.com, students pay a small entry fee to compete in grades-based contests for cash prizes. Suppose that 30 students from your economics class each pay $80 to enter a grades-based contest. This would create a $2400 prize pool. An equal share of the $2400 pot is awarded at the end of the term to each contestant who earns an A in the course. If four students earn A’s, each receives $600. If only one student earns an A, that person gets the entire $2400 pot. What economic concept does Ultrinsic.com use to encourage participants to learn more and get better grades? Choose one:A. marginal thinkingB. opportunity costsC. trade creates valueD. trade-offsE. incentives

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