The expression, "There's no such thing as a free lunch" implies that:
A)everyone has to pay for his/her own lunch.
B)the person consuming a good must always pay for it.
C)costs must be incurred when resources are used to produce goods and services.
D)no one has time for a good lunch anymore.

Question

The expression, "There's no such thing as a free lunch" implies that:
A)​everyone has to pay for his/her own lunch.
B)​the person consuming a good must always pay for it.
C)​costs must be incurred when resources are used to produce goods and services.
D)​no one has time for a good lunch anymore.

Quizplus · Accepted Answer

The expression means that even if something appears to be free, it still has a cost associated with it. In economics, this is known as the concept of opportunity cost - the cost of giving up the next best alternative. Therefore, the correct answer is C, costs must be incurred when resources are used to produce goods and services.

The Expression, "There's No Such Thing as a Free Lunch