Scarcity exists because
A. of unlimited resources.
B. human wants are enormous relative to the means available to satisfy them.
C. production is limited only by technology and human energy.
D. advertising creates unnatural desires for surplus goods.
B. human wants are enormous relative to the means available to satisfy them.
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Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, how many hats will be produced?
A) 0 B) 1 C) 2 D) 4
Refer to Figure 22-1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy
If the United States decided to double its support of university research, this would cause a movement from A) B to C. B) D to C. C) B to A. D) A to B.
Any point outside the production possibilities frontier is called
A) unobtainable. B) full employment. C) unemployment. D) inefficient.
If price is unchanging across the firm's entire production range, then for the firm selling bagels at $0.40 each,
a. P = MR = AR b. MR = MC = AC c. TR = TC = 0 d. TR – TC = 0 e. AC = MC = TC