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
E
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How is a monopolistically competitive firm similar to a monopoly firm?
A) Both produce where marginal revenue equals marginal cost. B) Both will observe entry into the industry if economic profit is positive. C) Both produce a unique good. D) Both produce where price equals marginal cost.
A favorable supply shock will cause the price level
a. and output to rise. b. and output to fall. c. to rise and output to fall. d. to fall and output to rise.
If real interest rate in Country X increases relative to the real interest rate in Country Y and there are no trade barriers between the two countries, then for Country X which of the following will be true of its capital flow, the value of its currency, and its exports?
(a) Inflow / Appreciation / Increase (b) Inflow / Appreciation / Decrease (c) Inflow / Depreciation / Increase (d) Outflow / Depreciation / Increase (e) Outflow / Appreciation / Decrease
The equilibrium price in a market is found where
A. The market demand curve intersects the y-axis. B. The market supply curve intersects the market demand curve. C. The market supply curve intersects the y-axis. D. The market supply curve intersects the x-axis.