Which of the following are examples of limited resources on the part of consumers? product and space money and product time and money space and time?
Tuesday, April 04, 2023
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Question: Which of the following are examples of limited resources on the part of consumers? product and space money and product time and money space and time?
The examples of limited resources on the part of consumers are time and money. Consumers have a limited amount of time and money to allocate towards their wants and needs, which creates opportunity costs in their consumption decisions. They must make choices about how to allocate their limited resources in order to maximize their satisfaction, or utility. While product and space can also be limited resources, they are typically more relevant to producers and suppliers than to individual consumers.
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