Which Economic Concept Is the Closest Parallel to the Saying

question 71

Multiple Choice

Which economic concept is the closest parallel to the saying "There's no free lunch"?

• A)Specialization
• B)Unlimited wants
• C)Underutilization of resources
• D)Opportunity costs
• E)Overutilization of resources

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Definitions:

Competitor's Rates

The pricing strategies or rates set by companies competing in the same market or industry.

Price Wars

A competitive strategy where companies continuously lower prices to outdo competitors, often resulting in reduced profit margins.

Prestige Pricing

Strategies that establish relatively high prices to develop and maintain an image of quality and exclusiveness.

Demonstrations

Public gatherings where individuals display their support or opposition towards a particular cause or policy.