People always face trade-offs because
A) they always have more than one use for their time and money.
B) they buy goods with money.
C) trading takes place in a market economy.
D) they can make themselves better off through trade.
A
You might also like to view...
As income increases, consumption increases too, but not as rapidly. This is a statement of the:
A. Production function. B. Consumption function. C. Substitution effect. D. Income effect. E. Wealth effect.
For a perfectly competitive firm, the price of its good is equal to the firm's marginal revenue because
A) information about price changes is hard to come by for small sellers. B) price and marginal revenue are the same economic concepts. C) individual perfectly competitive firms cannot influence the market price by changing their output. D) the firm's total revenue cannot be changed by anything the firms can do. E) there are only a small number of firms in the market.