What do economists mean when they state that a good is scarce?
What will be an ideal response?
The amount of the good that people would like exceeds the supply freely available from nature.
You might also like to view...
Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The marginal product of the 40th input item is
A. 100. B. 10. C. 20.5. D. 80.
Refer to Table 21.2. The bottom 20 percent of earners took home ________ of all income earned in Mysteria
A) 5% B) 8.33% C) 10% D) 29.4%
A normative statement is
A) about what ought to be. B) about what is. C) always true. D) one that does not use marginal concepts.
The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $6 and the price of a unit of capital is $30, then the economically efficient technique is
A) W. B) X. C) Y. D) Z.