Identify the Logic of Economics That Those Who Have Not

question 31

Multiple Choice

Identify the logic of economics that those who have not studied economics may fail to understand.

• A)The implicit cost of a commodity is always higher than the explicit cost.
• B)Individual wants are limited by means.
• C)Private goods do not have a social cost.
• D)Public goods are available to us freely.
• E)There are costs to everything.

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Definitions:

Congruence

Congruence relates to the degree of agreement, harmony, or similarity between individual desires, values, or interests and external realities or expectations.

Organization's Members

Individuals who belong to and are actively involved in a particular organization, contributing to its activities and goals.

Congruence

Indicates a state of agreement, harmony, or compatibility between two or more aspects, such as values and actions.

Upward Communication

This refers to the process in which information flows from the lower levels of a hierarchy to the upper levels in an organization.