A friend says, “I really, really need a new car.” As an economist, you’re thinking

A) Right! Everyone needs a new car.
B) This is an example of how objectively undefinable needs are. Many would argue that this friend could get along just fine with a reliable used car.
C) If this friend says she needs a new car, then we must all agree that a new car is a need and not just a want.
D) that a new car can only be considered a need if at least 51% of the public agrees.

ANSWER:

B