Goods are scarce when:
a. their price is too low.
b. their price is too high.
c. the amount people want is more than the amount available at a zero price.
d. people want less of something as compared to what is available.
e. their prices are controlled.
c
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Governments regulate natural monopoly by capping the price at _____
A. marginal revenue and allowing the monopoly to maximize profit B. marginal cost so that the monopoly is efficient and makes zero eco-nomic profit C. average total cost, which allows the monopoly to be inefficient but make zero economic profit D. the buyers' willingness to pay, which makes the monopoly operate efficiently
List six factors that influence the quantity of a good or service demanded by a household
What will be an ideal response?
You have paid all expenses to travel to your favorite beach for a vacation. You made these payments early in order to receive a discount and all payments are nonrefundable. Unfortunately, a hurricane is likely to crash into the coast during your vacation dates. What should not be considered as you make a decision to take your trip or not?
A. The money that has already been spent on the trip B. The satisfaction you are likely to receive at the beach during a hurricane C. The best alternative use of your time if you do not take the trip D. The additional costs you didn’t anticipate while on the trip.
Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a good b. total amount of satisfaction gained from consuming a good c. additional satisfaction gained from consuming one more unit of a good d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed e. total amount of satisfaction gained from consuming a good times the number of goods consumed