A friend says, "I really, really need a new car." As an economist, you're thinking Right! Everyone needs a new car. O This is an example of how objectively undefinable needs are. Many would argue that this friend could get along just fine with a reliable used car. O If this friend says she needs a new car, then we must all agree that a new car is a need and not just a want. O that a new car can only be considered a need if at least 51% of the public agrees.

A friend says, "I really, really need a new car." As an economist, you're thinking Right! Everyone needs a new car. O This is an example of how objectively undefinable needs are. Many would argue that this friend could get along just fine with a reliable used car. O If this friend says she needs a new car, then we must all agree that a new car is a need and not just a want. O that a new car can only be considered a need if at least 51% of the public agrees.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.3: What Do Economists Do?

Problem 5R

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