What Are Economists Illustrating When They Use the Phrase "There

question 98

Multiple Choice

What are economists illustrating when they use the phrase "There is no such thing as a free lunch"?

• A) how inflation increases prices
• B) that to get one thing, we must give up something else
• C) that nothing is free in a market economy
• D) that if something looks too good to be true, it probably is

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Definitions:

Common Carriage

The public transportation of goods or persons where the carrier offers services to the public under license or authority.

Bailments

A legal relationship in which physical possession of personal property is transferred from one person to another under agreement that the property will be returned or otherwise disposed of according to the owner's directions.

Innkeepers

Individuals or entities that operate lodging facilities, such as hotels or inns, and are responsible for the safety and well-being of their guests.

Liability

A legal responsibility or obligation that may arise from any act or failure to act.