When does consumption occur?
A)Consumption has a money price and a time price.
B)Consumption has a money price but not a time price.
C)Consumption has time price but not a money price.
D)Consumption has neither a time price nor a money price.
E)Consumption occurs instantly and therefore has no price.

Question

Quizplus · Accepted Answer

Consumption occurs when a person uses a good or service for their own personal satisfaction. It has a money price, which is the actual cost of the good or service, and a time price, which represents the time spent working or acquiring the resources necessary to purchase the good or service. Therefore, option A is the most accurate answer.

When Does Consumption Occur