When Economists Say There Is No Such Thing as a Free

question 197

Multiple Choice

When economists say there is no such thing as a free lunch,they mean that

• A) we must pay money for everything we get.
• B) it is against the law to accept goods or services without paying for them.
• C) when we eat lunch,our time has no value.
• D) each day we decide to eat lunch is another day we must pay out money.
• E) every choice we make involves a trade-off.

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Definitions:

Target Market

A specific group of consumers at which a company aims its products and services.

Profit

The financial gain obtained when the revenue from business operations exceeds the expenses, taxes, and costs associated with running the business.

Skilled Employees

Workers who possess specialized training, knowledge, or expertise, making them valuable assets to organizations in achieving operational efficiency and competitive advantage.

Local Banker

A banking professional operating within a community, offering financial services and advice to local residents and businesses.