The law of supply states that
A) producers are legally required to make necessary items available in the marketplace.
B) there is a positive relationship between price and quantity supplied, ceteris paribus.
C) producers should only sell the items when the price is right.
D) producers should only produce what they can sell.
B
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What is the payoff for each firm in this one-shot game?
a. Both firms will earn 0 b. Firm A will earn 50 and firm B will earn -10 c. Firm A will earn -10 and firm B will earn 50 d. Both firms will earn 25
Studies estimate the size of the informal economy in the United States at about ________ percent of GDP.
A. 2 B. 10 C. 20 D. 33
John started going for soccer matches after moving in with a roommate who is a huge fan of soccer. This is an example of a(n) ________
A) moral hazard B) adverse selection C) peer effect D) pecuniary externality
Scarcity
a. exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants b. applies when a resource is not freely available c. means that each society and each individual must make choices d. exists in all societies e. all of the above are true