As a Result of Economic Interaction

question 44

Multiple Choice

As a result of economic interaction,

• A)the number of available choices is reduced.
• B)scarcity is increased.
• C)opportunity costs increase.
• D)people are able to specialize.
• E)scarcity is eliminated.

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Definitions:

Demand Schedule

A table that lists the quantity of a good or service demanded by consumers at various price levels.

Marginal Utility Data

Information that quantifies the added satisfaction a consumer gains from consuming one more unit of a good or service.

Prices

The amount of money required to purchase goods or services, set by supply and demand in a market.

Market Price

The present rate at which a service or asset is available for purchase or sale.