Scarcity means we are unable to have as much as we would like to have

Kaitlyn and Larissa have formed a dog bathing and grooming business business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the first dog in a day is bathing ________ dog(s)

A) 1 B) 2 C) 24 D) 25

In what year did sales of gold for investment exceed that for jewelry for the first time?

A) 1933 B) 1971 C) 2001 D) 2009

According to the law of demand, if the price of a netbook decreases, ceteris paribus, the demand for netbooks would increase

a. True b. False Indicate whether the statement is true or false

The greater the positive cross elasticity of demand between products A and B, the: a. greater the degree to which they are substitutes

b. greater the degree to which they are complements. c. smaller the elasticity of demand for both products. d. greater will be both products responsiveness to changes in income.