Because the consumer’s budget is limited, purchase decisions among available goods must of necessity be interdependent.
Answer the following statement true (T) or false (F)
True
You might also like to view...
The money cost of a particular good will approximate its opportunity cost if
A. there are serious distortions in the market. B. the market functions well. C. there is much specialization in the market. D. nations are exploiting the law of comparative advantage.
Nearly _____________ of the world's people have never made a phone call.
Fill in the blank(s) with the appropriate word(s).
Many persons opposed to wealth redistribution maintain that taxing the “winners” of the economic game provides incentive to __________.
A. save more money instead of spending it B. Make even more money to replace the money taxed away C. avoid risk-taking and more wealth creation
When social costs of an activity exceed private costs
A. this means that resources are being efficiently used. B. a market failure exists. C. the actual price is above the efficient price. D. there is a tendency for resources to be under-utilized.