The supply of a renewable resource is perfectly elastic

Indicate whether the statement is true or false


FALSE

Economics

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Which of the following statements differentiates between a shortage and a surplus?

A) A shortage occurs when price is held at the equilibrium price, but a surplus occurs when price is held above the equilibrium price. B) A shortage occurs when price is held below the equilibrium price, but a surplus occurs when price is held at the equilibrium price. C) A shortage occurs when quantity supplied exceeds quantity demanded, whereas a surplus occurs when quantity demanded exceeds quantity supplied. D) A shortage occurs when quantity demanded exceeds quantity supplied, whereas a surplus occurs when quantity supplied exceeds quantity demanded.

Economics

Police protection in a community is an example of a _____

a. merit good b. club good c. public good d. private good

Economics

Refer to Figure 8.2 above. The total fixed costs for The Barber Shop are $3,000. If The Barber Shop produces 300 hair cuts, the average fixed costs are A) $.20. B) $5. C) $10. D) $100.

Economics

A futures contract is essentially the same thing as a forward contract.

a. true b. false

Economics