Which Is Not One of the Four Basic Questions Used

question 51

Multiple Choice

Which is not one of the four basic questions used by economists to break down problems?

• A) What do others think?
• B) What are the trade-offs?
• C) How will others respond?
• D) Why isn't everyone already doing it?

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Definitions:

Surpluses

Occurs when the quantity of a good or service supplied exceeds the quantity demanded at a given price.

Binding Price Floor

A minimum price set by the government above the equilibrium price, leading to a surplus of goods or services in the market.

Supply And Demand

A model that explains how the interaction between product availability and consumers' desire determines the price of goods and services.

Subsidies

Financial support extended by the government to economic sectors, businesses, or individuals, aimed at promoting certain activities or reducing the prices of products.