Which of the following is the best example of scarcity?
A) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies.
B) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues.
C) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply.
D) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.
Answer: B
You might also like to view...
Assume a baseball player's development in the minor leagues yields -$250,000 per year for four years
If the player were to have a single big league season and be paid $350,000, how much revenue would the player need to generate to be considered a positive net present value project from the point of view of the team owner if the interest rate was 4%? A) $1.45 million B) $2.5 million C) $350,000 D) $250,000
Describe some of the key controversies regarding global cotton trade between high cost and low cost cotton producers
What will be an ideal response?
A firm’s AC will eventually begin to rise because
A. managers’ salaries rise with output. B. bottlenecks may be reached for some inputs. C. MFC begins to rise near capacity. D. the range of negative returns is reached.
All of the following are sources of negative externalities except one. Which is the exception?
a. a paper mill that pollutes a river b. a person who throws a beer can out the window of a moving car c. cars, which emit carbon monoxide d. a solar water heater which is outside and obscure from view e. products that contribute to the greenhouse effect