Which of the Ten Principles of Economics Does Welfare Economics

question 273

Multiple Choice

Which of the Ten Principles of Economics does welfare economics explain more fully?

• A)The cost of something is what you give up to get it.
• B)Rational people think at the margin.
• C)Markets are usually a good way to organize economic activity.
• D)People respond to incentives.

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Definitions:

Unit Retail Price

The price at which a single unit of a product is sold to consumers in the retail market.

Retail Price

The total cost at which a product or service is sold to the end consumer, inclusive of all markups.

US Dollar

The official currency of the United States, widely used as a standard of exchange in international markets.

Euro

The official currency of nineteen of the twenty-seven European Union countries, known collectively as the Eurozone.