ECON 102 Study Guide - Quiz Guide: Ceteris Paribus, Opportunity Cost
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ECON 102 Full Course Notes
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A key theme fundamental to all of economics is: Select one: there are unlimited resources, people have unlimited wants facing limited means to satisfy them, we are a rich country but are simply not aware of it, there are limited wants. Say sarah was choosing between three alternatives: working on her job that pays her ; writing a term paper which she values at ; or going out with a friend, which she values at . The opportunity cost of writing the term paper is: When we are forced to make choices, we are facing the concept of: Select one: free goods, the margin, scarcity, ceteris paribus. Say sarah was choosing between three alternatives: working on her job that pays her ; writing a term paper which she values at ; or going out with a friend, which she values at . The opportunity costs of writing the term paper is:
