The dramatic increase in the standard of living since the Industrial Revolution
A)means that societies and individuals face no constraints.
B)has not meant unlimited abundance for societies or persons.
C)means that "opportunity cost" is a meaningless concept.
D)has reduced the choices open to persons.
E)has made economics less useful to persons.

Question

Quizplus · Accepted Answer

While the standard of living has dramatically increased since the Industrial Revolution, this does not mean that societies or individuals have unlimited abundance. There are still limitations and trade-offs to consider, making the concept of "opportunity cost" relevant.

The Dramatic Increase in the Standard of Living Since the Industrial