Practice Quiz

CLEP Microeconomics Exam Prep

Category - Microeconomics

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In lowest income neighborhood grocery stores, consumers are limited to one or two breakfast cereals that they can purchase. This is a limitation in:
  1. Caloric variety
  2. Choice
  3. Opportunity
  4. Over-consumption
Explanation
Answer - B - This is a limitation in choice.

Key Takeaway: Consumer purchase decisions drive a large segment of economic activity within a society. Purchasing decisions are limited, in many instances, by the choices available to consumers, such as the number of breakfast cereals available at a grocery store. Large markets with consumers that possess significant resources will offer greater choices in products and services than smaller markets and limited resources.
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