What is the economic meaning of the expression that there is no such thing as a free lunch?
A. It refers to "free-riders," who do not pay for the cost of a product but who receive the benefit from it.
B. It means that economic freedom is limited by the amount of income available to the consumer.
C. It means there is an opportunity cost when resources are used to provide "free" products.
D. It indicates that products only have value because people are willing to pay for them.
A. It refers to "free-riders," who do not pay for the cost of a product but who receive the benefit from it.
B. It means that economic freedom is limited by the amount of income available to the consumer.
C. It means there is an opportunity cost when resources are used to provide "free" products.
D. It indicates that products only have value because people are willing to pay for them.
Related textbook solutions
Related questions
Microeconomics
| A | B | Answer |
| As a student of economics, when you speak of scarcity, you are referring to the ability of society to. | A. Extra benefit | |
| What is the economic meaning of the expression that "There is no such thing as a free lunch?" | B. Entrepreneur. | |
| Which expression is another way of saying "marginal benefit"? | C. Very limited government role in the economy | |
| A tradeoff exists between two economic goals, X and Y. This tradeoff means that. | D. Price ceilings and the resulting product shortages. | |
| The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the | E. Explicit costs. | |
| The Soviet Union economy of the 1980s would best be classified as | F. Easy entry, many firms, and differentiated products | |
| The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through | G. Product markets | |
| Laissez-faire capitalism is characterized by | H. Satisfy economic wants given limited resources. | |
| Black markets are associated with | I. Oligopoly | |
| Cash expenditures a firm makes to pay for resources are called | J. The Resource Markets | |
| Which set of characteristics below best describes the basic features of monopolistic competition | K. A command System | |
| Mutual interdependence would tend to limit control over price in which market model | L. Getting more of X requires getting less of Y | |
| Markets in which firms sell their output of goods and services are called | M. It means that there is an opportunity cost when resources are used to provide "free" products |
