A box of biodegradable baby diapers is an example of a(n) ________ good and also an example of a(n) ________ good.
A) inspection; experience
B) credence; inspection
C) credence; experience
D) inspection; greenwashed
C) credence; experience
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A movement along a demand curve from one price-quantity combination to another is called a:
A. change in demand. B. change in quantity supplied. C. shift in the demand curve. D. change in quantity demanded.
Prices usually allocate resources efficiently because they allocate
A. consumption to the highest cost of good or service. B. resources to the lowest value good or service. C. consumption to the lowest value good or service. D. resources to the highest value good or service.
In perfectly competitive markets with identical firms, the burden of a tax is shared by consumers and producers in the short run so long as market demand is not perfectly elastic.
Answer the following statement true (T) or false (F)
The economic concept of scarcity refers to the fact that:
A. the United States will always have a battle to fight hunger. B. resources are often wasted and shortages are often the result. C. income must be redistributed through taxation in order to address income disparity. D. limited resources require economies to make choices among production alternatives.