O-LevelEconomicsThe basic economic problem2281/13 · Oct/Nov 2023 · Q11 Mark

A consumer has $10 to spend. A meal costs $9 and a drink costs $5. What would describe the situation if the consumer did not have enough money to purchase both the meal and the drink?

Aexcess demand

Bfree goods

Cmarket failure

Dthe economic problem

✓ Correct answer

D: the economic problem

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Topic: The basic economic problem, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2023 Paper 1 Variant 3, question 1.

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