Which of the Following Statements Is True

question 209

Multiple Choice

Which of the following statements is true?

• A)Any time you have to decide which action to take you are experiencing economic equity.
• B)Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale.
• C)Every individual, no matter how rich or poor, is faced with situations that require trade-offs.
• D)Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.

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Definitions:

Labor Supply

The aggregate amount of time laborers are prepared and capable of working at a certain salary level.

Technological Advances

Refers to the progression and innovation in technology, leading to new products, processes, or the improvement of existing technologies.

Wage Affected

A phrase indicating how wages can be influenced or modified by various factors such as inflation, demand, or government policy.

Agricultural Products

Goods derived from farming and the cultivation of the land, such as crops, livestock, and raw materials.