In economics, choices must be made because we live in a world of
A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources.
Answer: B
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Conflicts of interest is a type of ________ problem that occurs when a person or institution has multiple objectives that are in conflict with each other
A) moral hazard B) adverse selection C) risk sharing D) spinning
This table represents the revenues faced by a monopolist. PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, the marginal revenue of the 6th unit is:
A. $0 B. $500. C. -$200 D. $3,000.
Exhibit 4-6 Demand and supply curves
In Exhibit 4-6, the demand curve has shifted from D1 to D2 and, simultaneously, the supply curve has shifted from S1 to S2. Describe these actions in this market.
A. Market supply has decreased, and market demand has increased. B. Market supply has increased, and market demand has decreased. C. Market supply has decreased, and market demand has decreased. D. Market supply has increased, and market demand has increased.
Refer to Figure 23.1 for a perfectly competitive firm. This firm should shut down in the short run if the market price is below
A. $20. B. $10. C. $5. D. $15.