"There Is No Such Thing as a Free Lunch

question 47

Multiple Choice

"There is no such thing as a free lunch." This statement best reflects the fact that

• A) consumers are unwilling to pay for a good unless it provides them with value.
• B) an opportunity cost is always present when scarce resources are used to produce a good.
• C) it generally requires enormous effort to search out the best place to eat lunch.
• D) the value of a good to consumers will decrease as they have more of it.

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Definitions:

People's Party

also known as the Populist Party, was a political group in the United States in the late 19th century, advocating for various reforms including the free coinage of silver and governmental control of railroads.

Democrats

A political party in the United States that generally supports liberal, progressive policies on social and economic issues.

Republicans

Members of the Republican Party, one of the two major political parties in the United States, traditionally characterized by a conservative ideology that emphasizes free market policies, limited government, and strong national defense.

Model Metropolis

A conceptual city designed or considered as an ideal example due to its layout, infrastructure, governance, or quality of life.