Recall the Application About Why People Walk Up Stairs but Not

question 32

Multiple Choice

Recall the Application about why people walk up stairs but not escalators to answer the following
question(s) .
-Weighing the benefits and costs of walking up an escalator versus standing still on an escalator addresses the economic concept known as

• A)the principle of opportunity cost.
• B)the marginal principle.
• C)the principle of voluntary exchange.
• D)the principle of diminishing returns.

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Definitions:

Indifference Curves

Graphs representing different bundles of goods between which a consumer is indifferent, showing combinations that provide the same level of utility to the consumer.

Horizontal Axis

In a graph or chart, the x-axis running horizontally, typically used to represent the independent variable or the base of comparison.

Vertical Axis

In a graph, the vertical line, usually representing the dependent variable or the measure of outcome.

Corn Chips

A snack food made from cornmeal fried or baked in oil, often seasoned.