The expression, "There's no such thing as a free lunch," implies that
a. everyone has to pay for his own lunch.
b. the person consuming a good must always pay for it.
c. opportunity costs are incurred when resources are used to produce goods and services.
d. no one has time for a good lunch anymore.
C
Economics
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Refer to Figure 6-8. Identify the two goods which are substitutes
A) Good X and Good Z B) Good Y and Good Z C) Good X and Good Y D) It is not possible to distinguish any relationship among the goods.
Economics
The market for used cars is shown in the above figure. Buyers cannot tell whether any given car is a lemon. For all cars offered for sale to be sold, the percent of all cars that are lemons is ?
What happens to ? if car buyers incur a $100 transaction cost when buying a used car?
Economics