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:

Shopkeeper

A retail merchant or owner of a small store.

Haggling Customer

A customer who actively negotiates prices with sellers, aiming to secure goods or services for less than the listed price.

Simultaneous Move Game

A strategic situation in which each player makes their decision without knowing the decisions of other players at the same time.

Union

is an organized association of workers formed to protect and advance their rights and interests; typically involved in negotiating wages, work conditions, and other employment terms.