Which of the Following Statements Is Correct

question 162

Multiple Choice

Which of the following statements is correct?

• A)If the buyer of a good gains, the seller must lose an equal amount.
• B)The value of goods is objective; it is equal to the cost of supplying the good.
• C)Opportunity costs will always be incurred when scarce resources are used to produce a good.
• D)Changes in incentives generally have no effect on human behavior.

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Definitions:

Cognitive Approach

A method in psychology that focuses on understanding how people process information, think, and learn, emphasizing mental functions.

Socialization

The process by which individuals learn and adopt the customs, values, and behaviors appropriate to their society or social group.

Values

Core beliefs or principles that guide and motivate attitudes and actions in individuals and organizations.

Norms

The informal understandings that govern the behaviors of members of a society or group, often guiding acceptable and expected actions.