Which Statement Is NOT One of the Four Principles That

question 88

Multiple Choice

Which statement is NOT one of the four principles that underlie individual choice?

• A)Choices are necessary because resources are scarce.
• B)Overall spending sometimes gets out of line with the economy's productive capacity.
• C)"How much" is a decision at the margin.
• D)People usually respond to incentives,exploiting opportunities to make themselves better off.

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Definitions:

Birthday Cakes

Bespoke or pre-made cakes specifically designed and decorated for celebrating someone's birthday.

Marginal Cost

The escalation in expenses resulting from the creation of one additional unit of a product or service.

Output

The quantity of goods or services produced within a certain period by a firm, industry, or country.

Variable Cost

Fees that directly alter according to the scale of production or output.