When economists say a good is scarce, they mean
a. there are only a limited number of consumers who would be interested in purchasing the good.
b. the human desire for the good exceeds the amount freely available from nature.
c. most people in poorer countries do not have enough of the good.
d. the production of the good has no opportunity cost for society.
B
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Consumer surplus in a market for a product would be equal to the area under the demand curve if
A) the product was produced in a perfectly competitive market. B) marginal cost was equal to the market price. C) the market price was zero. D) producer surplus was equal to zero.
Refer to Table 15-4. What is the economically efficient output level?
A) 5 units B) 6 units C) 7 units D) 8 units
Why would people outside the United States choose to hold dollars?
What will be an ideal response?
Costs that vary with each unit produced are called
a. variable costs b. semivariable costs c. fixed costs d. indirect costs e. hidden costs