Scarcity refers to the situation in which
A) unlimited wants exceed limited resources.
B) unlimited resources exceed limited wants.
C) a country's population is larger than its resource base.
D) a nation's poverty level increases faster than its population.
Answer: A
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The typical test applied for merger approval under U.S. antitrust law requires that:
A. quantities produced not fall. B. prices not rise. C. aggregate surplus not fall. D. the merger not be horizontal in nature.
Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be:
a. greater than the average variable cost. b. equal to the average variable cost. c. less than the average variable cost. d. at its minimum.
Assume you have $2,000 in a savings account at the beginning of the year and the price level is equal to 100. If the price level is equal to 95 at the end of the year, the real value of your savings is closest to
A. $1,900. B. $1,905. C. $2,105. D. $2,095.
Maximizing profits per unit always leads to the maximization of total profit.
Answer the following statement true (T) or false (F)