Answered

Engage with knowledgeable experts and get accurate answers on IDNLearn.com. Discover thorough and trustworthy answers from our community of knowledgeable professionals, tailored to meet your specific needs.

Multiple Choice Question

The concept at the core of economics that "there is no free lunch" reflects the notion that

A. the benefit of certain "free" goods only accrues to society.
B. unlimited resources are used to produce so-called "free goods."
C. the scarce resources that are used to produce the so-called "free goods" have alternative uses that are given up.
D. even if your friend pays for your lunch, you'll have to repay the favor at a later time.

Sagot :

GinnyAnsweridn

Final answer:

Scarcity in economics emphasizes the concept that all choices involve a cost. The 'no free lunch' idea highlights the hidden costs behind seemingly free items.


Explanation:

Scarcity is a fundamental concept in economics, emphasizing that resources are limited and choices must be made. The notion that 'there is no free lunch' highlights the idea that all choices involve a cost, even if not immediately apparent. For example, receiving a 'free' item may lead to increased prices elsewhere to cover its cost.

Economists use models like the production possibilities frontier to illustrate trade-offs. These models show the limits of what can be produced given available resources. The opportunity cost of any choice is the value of the best alternative forgone.


Learn more about Scarcity and Opportunity Cost here:

https://brainly.com/question/30474516


Thank you for contributing to our discussion. Don't forget to check back for new answers. Keep asking, answering, and sharing useful information. IDNLearn.com has the solutions to your questions. Thanks for stopping by, and see you next time for more reliable information.