Business, 26.01.2021 01:10 amanramesh2004
Ken went shopping with only $160 on him. He wants to buy a new pair of sneakers and a pair of designer pants. Each item costs exactly $160, so he can only purchase one of the two. This scenario directly illustrates the basic concept that:
1) most consumers are self-interested
2) society can produce more output when workers "specialize" in production
3) irrational people never respond to incentives
4) when resources are scarce, people face tradeoffs
Answers: 2
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Ken went shopping with only $160 on him. He wants to buy a new pair of sneakers and a pair of design...
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