Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 2, Problem 2E
To determine
When somebody is paying you for your time or buying you something, is it free?
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What does the old saying “There is no such thing as a free lunch” mean? In other words, if someone invites you to a lunch and offers to pay, is it free for you?
What price do you put on your own leisure? Do you feel like the price/value of your leisure time changed over time? Why, or why not?
Describe several ways in which consumers are less than free in making choices about which products to purchase.
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- what are four goods and services that people consumed on an average dayarrow_forwardIs buying a steak at the restaurant considered a good or service?arrow_forwardSomething that is perceived as a luxury rather than a need is something that brings pleasure. Worldwide, the majority of people view food, shelter, and water as requirements. Undoubtedly, indoor plumbing and electricity would be included on the list by many Americans. As opposed to being a luxury, internet connection is increasingly considered as a need. But is it actually essential for surviving? What then happens to those who don't utilize or have access to the internet? Could the expansion of e-commerce be impacted by how people view Internet connection as a need or a luxury?arrow_forward
- Why do people buy more goods and services when their budget increases?arrow_forwardSuppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?arrow_forwardCan you look at the attached question?arrow_forward
- what is a normal good?arrow_forwardDo you think that it is better to be efficient or to have a choice about prices, color, size, etc.? Why or why not? Do you feel that choices about a good help to offset the inefficiencies?arrow_forwardThink back to a purchase that you made recently. How would you describe your thinking before you made that purchase?arrow_forward
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