Question

What resources do consumers typically have in limited supply that forces them to make trade-off decisions in consumption?
A. time, money, and attention
B. money, labor, and capital
C. time, attention, and capital
D. natural resources, land, and labor

Answer 1

Answer:a

Explanation:

Answer 2

The resources are time, money and attention

• A consumer can be described as an individual that buys the good and services from a seller

• Resources needed to satisfy human wants are limited while human wants are unlimited. Due to this, consumers have to make a trade-off

• Trade-off is the opportunity cost of making a decision. It is the option that is forgone when a consumer chooses to consume a particular good over other goods. Rational consumers would choose to consume the good that yields the highest utility.

• The resources of consumers are time, money, and attention

• For example, assume a consumer has $100. The consumer can either use the money to purchase an economics textbook or jeans. The consumer would choose the option that yields the higher utility. This an example of trade off

• Also, a student would have to decide if to spend her time studying or partying.

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