Which of the Following Statements About Economic Needs Is True

question 90

Multiple Choice

Which of the following statements about economic needs is true?

• A) Economic needs refer to the buyer's need to purchase the most satisfying product for the money.
• B) Economic needs are rarely considered during times of economic recession.
• C) Economic needs refer to the buyer's need to behave in an economically rational manner and buy the lowest priced item available.
• D) Economic needs are unimportant to most consumers.
• E) A product priced higher than the competition's is doomed to failure because it satisfies no economic need.

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Definitions:

Productivity Line

A productivity line can refer to a graphical representation showing the relationship between input and output levels, indicating the efficiency of production.

Lectures

Formal presentations or talks given by educators or experts to convey knowledge or information to a group of students or audience.

Production Possibilities Frontier

A graph that represents all the highest possible production levels for two or more products, considering the available inputs like resources and technology.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than others.