Which of the following statements is an example of the economic way of thinking? O a. When an option becomes more costly, individuals are more likely to choose it. O b. Costs are incurred whenever scarce resources are used to produce goods or services. c. The value of a good is determined by its cost of production. O d. Since rich individuals can purchase all the goods and services they desire, they do NOT face the problem of scarcity.

Which of the following statements is an example of the economic way of thinking? O a. When an option becomes more costly, individuals are more likely to choose it. O b. Costs are incurred whenever scarce resources are used to produce goods or services. c. The value of a good is determined by its cost of production. O d. Since rich individuals can purchase all the goods and services they desire, they do NOT face the problem of scarcity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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