Which of the following statements is true?

A. Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale.

B. Any time you have to decide which action to take you are experiencing economic equity.

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.

Question

Business

Justin Shepherd

15 February, 10:55

Which of the following statements is true?

A. Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale.

B. Any time you have to decide which action to take you are experiencing economic equity.

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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Answers (1)

Know the Answer?

Jonathan Mcmahon · Answer 1

The correct answer is option C.

Explanation:

n economics, we know that the basic problem is the scarcity of resources. These resources have alternative uses. We have unlimited wants and needs. Whenever we decide how to use scarce resources to satisfy our wants and needs, we face a trade-off.

We cannot satisfy all our wants and needs, if we want to satisfy one we have to sacrifice the other. Anytime a person decides to take any action, he/she faces trade-offs. Every individual regardless of his wealth and income is faced with making trade-offs.