A Rolling Stones Song Goes: "You Can't Always Get What

question 11

Multiple Choice

A Rolling Stones song goes: "You can't always get what you want." This echoes an important theme from microeconomics. Which of the following statements is the best example of this theme?

• A) Consumers must make the best purchasing decisions they can, given their limited incomes.
• B) Workers do not have as much leisure as they would like, given their wages and working conditions.
• C) Workers in planned economies, such as North Korea, do not have much choice over jobs.
• D) Firms in market economies have limited financial resources.

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Definitions:

Unregulated Market

A market where there is no governmental control or interference in the transactions between buyers and sellers.

Quantity Supplied

The volume of goods or services that suppliers can and are prepared to dispatch in the market at a particular price point within a defined duration.

Excess Supply

A scenario in which the market has a supply of a product or service that exceeds the demand for it at its present price.

Quantity Demanded

The total amount of a product or service that consumers are willing to buy at a given price over a specified period.