Which of the Following Statements Is False

question 76

Multiple Choice

Which of the following statements is false?

• A)Economists look at the factors that lead an individual to decide that a particular idea is in his or her best interest.
• B)Economists do not ask whether a particular decision is in the individual's best interest.
• C)Choices must be made because of scarcity.
• D)A particular choice is made by an individual because that choice provides the greatest satisfaction.
• E)None of these statements is false, they are all true.

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Definitions:

Supply

The total amount of a certain good or service that is available for purchase at a particular price level and time.

Perfectly Inelastic

Refers to a market situation where the quantity demanded or supplied does not change regardless of the price level changes.

Perfectly Elastic

Describes a market situation where quantity demanded or supplied changes by an infinite amount in response to any change in prices.

Demand

The willingness and ability of consumers to purchase goods and services at various prices.