Which of the Following Statements Is True

question 416

Multiple Choice

Which of the following statements is true?

• A) Anytime you have to decide which action to take you are experiencing economic equity.
• B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale.
• C) Every individual, no matter how rich or poor, is faced with making trade-offs.
• D) Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.

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Definitions:

Modules

Parts or components of a product previously prepared, often in a continuous process.

Standardized Product

A product that is manufactured in a consistent, unchanged manner to ensure it meets specified criteria and quality.

Product Focus

A strategic approach that centers on developing and marketing a specific product or product line.

High Fixed Costs

Costs that remain constant regardless of the level of production or sales in a business, such as rent, salaries, or equipment leases.