Because of the scarcity of resources, every country must answer the three basic economic questions: ________________; ___________________; and _________________.
Fill in the blank(s) with the appropriate word(s).
what to produce; how to produce; for whom to produce
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At the point of maximum profit, marginal revenue equals
a. variable cost. b. fixed cost. c. average total cost. d. marginal cost.
When Taylor raised the price of earrings at Taylor's Boutique, her total revenue from selling earrings increased. This suggests that:
A. there was excess demand for earrings at the original price. B. the demand for Taylor's earrings at the original price was inelastic. C. the demand for Taylor's earrings at the original price was elastic. D. there are many other boutiques competing with Taylor.
What is Spain's domestic exchange equation?
If the price of a product falls too much, the producer can ________________the market.
Fill in the blank(s) with the appropriate word(s).