The Fact That People Have Unlimited Wants Means That

question 40

Multiple Choice

The fact that people have unlimited wants means that

• A)they always want more of at least one good
• B)each person has an unlimited desire for every good
• C)labor unions demand wage increases
• D)selfish people are not concerned about others
• E)people buy goods without regard to what they can afford

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Definitions:

Units of Production

A measure of output where production volume is quantified in terms of individual units produced.

Monthly Fixed Costs

Regular, unchanging expenses incurred by a business each month regardless of the level of production or sales, such as rent, salaries, and insurance premiums.

Allocated

The process of distributing resources or costs among various departments, products, or activities based on specific criteria.

Raw Materials

Raw materials are basic, unprocessed inputs used in the manufacturing process to produce finished goods.