Owen Had a Typewriter Shop,but He Went Out of Business

question 187

Multiple Choice

Owen had a typewriter shop,but he went out of business because no one buys typewriters anymore.Which economic principle does this statement BEST represent?

• A)Choices are necessary because resources are scarce.
• B)People usually respond to incentives,exploiting opportunities to make themselves better off.
• C)Markets move toward equilibrium.
• D)One person's spending is another person's income.

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