Which of the Following Is Not an Illustration of the Idea

question 113

Multiple Choice

Which of the following is not an illustration of the idea of opportunity cost?

• A)A growing economy can produce more consumer goods and more capital goods at the same time.
• B)If I buy a pizza, I will not be able to afford a movie.
• C)Resources devoted to consumer goods production are not available for capital goods production.
• D)The land a Manitoba farmer plants in wheat is not available for corn production.

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Definitions:

Market

A market is a venue where buyers and sellers meet to exchange goods, services, or financial instruments. It can be physical or virtual.

Price Ceiling

A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or commodity, aimed at protecting consumers from excessive prices.

Legal Maximum

A legally established upper limit on the price that can be charged for a good or service.

Good Sold

A product that has been sold to a customer, transferring ownership from the seller to the buyer.