Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 10, Problem 16CTQ

Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?”

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Inferior goods are affordable substitutes for more expensive goods. Which of the following is an example of someone purchasing an inferior good?         Tom saved his money for an entire year so that he could buy the nicest car on the lot.         Susan decided to buy her favorite pasta, rather than the store-brand pasta that she usually purchases.         Sam had to stay within his budget, so he decided to buy generic toaster pastries instead of his favorite brand-name pastries.         Jennifer earned a bonus at work, so she decided to go out to dinner at a fancy restaurant.
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When goods are called homogenous. What does this actually means?
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