When society can not produce all the goods and services people want, it is faced with
a. scarcity
b. surpluses.
c. inefficiencies.
d. inequalities.
a
Economics
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Unlike a perfectly competitive firm, a monopolistic competitor does not have a short-run shut-down point
Indicate whether the statement is true or false
Economics
Use the following graph to answer the next question.
The graph shows the cost curves for a perfectly competitive firm. If the market price of the product is $1.25 per unit,then the firm will earn how much in profits/losses in the short run?
A. $25 B. $9 C. -$9 D. -$12
Economics
How much is induced consumption when disposable income is $600 billion?
A. 0
B. $200 billion
C. $300 billion
D. $400 billion
Economics
A change in consumer taste will prompt a change in _____________.
Fill in the blank(s) with the appropriate word(s).
Economics