The Most Desired Goods or Services That Are Given Up

question 46

Multiple Choice

The most desired goods or services that are given up when a choice is made are called the

• A)Rationing device.
• B)Economic profit.
• C)Opportunity cost.
• D)Utility cost.

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Definitions:

Gum

A soft, cohesive substance designed for chewing, made from the sap of certain trees or synthesized materials.

Candy

A sweet tasting confection made from sugar and often combined with fruits, chocolate, or nuts.

Behavioral Economic Theories

A branch of economics that studies how psychological, social, and emotional factors affect economic decisions.

Rational Decisions

Choices made based on logical reasoning and objective analysis of available information and alternatives.