When economists speak of scarcity, they are referring to the
A) condition in which society is not employing all its resources in an efficient way.
B) condition in which people's wants outstrip the limited resources available to satisfy those wants.
C) economic condition that exists in only very poor countries of the world.
D) condition in which society produces too many frivolous goods and not enough socially desirable goods.
B
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The supply of milk in Nexus City is perfectly elastic. If a tax is imposed on each gallon of milk sold, ________
A) the burden of the tax will fall entirely on the sellers B) the burden of the tax will fall entirely on the buyers C) the tax incidence on the sellers is higher than that on the buyers D) the deadweight loss due to taxation is zero
Does correlation always imply causation? Why or why not? Explain with the help of real-life examples
What will be an ideal response?
If a firm enjoys a revenue of $500 from two units of output and $600 from three units of output, then its marginal revenue must be rising
a. True b. False
When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false