Human wants are_______________?
Correct answer: C. Unlimited
- A. Always fixed
- B. Limited
- C. Unlimited
- D. Likely to decrease over time
Explanation
Human wants are unlimited, while the resources available to satisfy them are scarce. This mismatch creates the basic economic problem of choice.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? [email protected]
About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
Practise Microeconomics
1,742 free Microeconomics MCQs from Economics, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Discussion
Stuck on an option, or know a faster way to get there? Ask or explain it here.
No comments yet. Be the first to explain this one.
Exams that ask Economics questions like this
Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Microeconomics questions
Which of the following is not one of the basic economic s ?
The free market involves ?
The concept of opportunity cost ?
The sacrifice involved when you choose a particular course of action is called the?
Resources in an economy ?
When entering a building, Asim diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of: