Scarcity is the result of:
a. government decision making
b. inappropriate normative judgments.
c. positive economics.
d. wants that exceed the resources necessary to provide them.
d
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If a cartel firm is producing the agreed upon quantity, they are producing at a level where ________.
A) the difference between marginal revenue and marginal cost (MR - MC) is negative B) their marginal cost exceeds their marginal revenue C) their marginal revenue equals their marginal cost D) their marginal revenue exceeds their marginal cost
A market is not really a place but rather the process of buyers and sellers exchanging goods and services
a. True b. False Indicate whether the statement is true or false
The dollar is said to appreciate against the euro if
a. the exchange rate falls. Other things the same, it will cost fewer euros to buy U.S. goods. b. the exchange rate falls. Other things the same, it will cost more euros to buy U.S. goods. c. the exchange rate rises. Other things the same, it will cost fewer euros to buy U.S. goods. d. the exchange rate rises. Other things the same, it will cost more euros to buy U.S. goods.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point A to Point B, ________ additional OLED TVs could be produced when the production of LCD TVs is reduced by 30.
A. exactly 20 B. more than 20 C. fewer than 20 D. exactly 90