The economic problem is essentially one of deciding how to make the best use of
A. limited resources to satisfy limited wants.
B. unlimited resources to satisfy limited wants.
C. limited resources to satisfy unlimited wants.
D. unlimited resources to satisfy unlimited wants.
C. limited resources to satisfy unlimited wants.
You might also like to view...
The marginal rate of technical substitution of labor for capital (MRTSLK) measures
a. the amount of capital that can replace a unit of labor without affecting the firm's output. b. the additional output attributable to a 1% increase in labor and capital usage. c. the rate at which the firm can exchange labor for capital in the input markets. d. the slope of the firm's expansion path.
The market structure of perfect competition exists when
A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of differentiated products. D) there are many producers of a homogeneous product.
Consider a labor market that is initially in equilibrium. When the labor supply curve shifts to the left while the labor demand curve remains unchanged, the: a. equilibrium wage rate increases
b. price of the output that uses this labor resource decreases. c. equilibrium number of workers hired increases. d. equilibrium wage rate falls.
When faced with a marginal effluent fee (MEF), each polluting source will
a. abate up to the point where its total abatement cost (TAC) equals the MEF b. abate nothing and pay the MEF on all units of pollution released c. clean up pollution as long as its marginal abatement cost is lower than the MEF d. reduce its effluents to zero to avoid paying the effluent fee