Which One of the Following Is Implicit in Applying "Economic

question 15

Multiple Choice

Which one of the following is implicit in applying "Economic Darwinism"?

• A)Because X has been here,X may be the worst,but it should not be replaced by something else.
• B)Because X has been here,X may be the best,but it should be replaced by something else.
• C)Because X has been here,X is the worst,and it should replaced by something else.
• D)Because X has been here,X is the best,else it would have been replaced by something else.

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Definitions:

Consumption

The use of goods and services by households, contributing to their wellbeing and the overall economy.

MRS

Marginal Rate of Substitution, the rate at which a consumer is ready to exchange quantities of one good for another good while maintaining the same level of utility.

MRT

MRT, or Marginal Rate of Technical Substitution, measures the rate at which one input can be reduced per additional unit of another input, keeping output constant.

Excess Demand

Occurs when the quantity demanded of a good or service at a particular price exceeds the quantity supplied, leading to upward pressure on prices.