Most resources are best suited for a particular use. For example, climate and other conditions in Florida allow resources to be used in orange production in lieu of wheat or potato production. What economic concept deals with this issue?
A) Opportunity cost B) Fallacy of composition
C) Specialization D) None of the above
Answer: C
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Scarcity
A. used to be a problem, but is not an issue for modern industrial nations. B. afflicts greedy people only. C. exists in all human societies. D. is a problem for less-developed nations only.
A cartel will break down more easily if
A) there are only a few members. B) industry demand is very stable. C) market prices can be observed easily. D) there are many entrants in the industry.
At equilibrium in a market for a product, the total revenues received by sellers equal the
A. market producer surplus. B. total amount spent by buyers on the product. C. market consumer surplus. D. total profit of sellers.
The horizontal axis of a graph that shows a market demand curve indicates the
A. quantities that consumers are willing and able to buy at various prices. B. different prices at which a product can be purchased. C. number of consumers who are in the market for a product. D. various quantities of a product at which the market will be cleared.