Scarcity is a condition that exists when
A) there is a fixed supply of resources relative to the demand for the product.
B) there is a large demand for a product.
C) resources are not able to meet the entire demand for a product.
D) All of the above
C
You might also like to view...
If the price of potato chips increases, other things constant, demand for potato-chip dip will
a. not change; only quantity demanded will change b. increase because the goods are substitutes c. decrease because the goods are substitutes d. decrease because the goods are complements e. increase because the goods are complements
The law of demand states that
A) consumers with more income will spend more on goods and services. B) a higher price will lead to increased sales. C) the price can never be too high for some consumers. D) quantity demanded of a good will vary inversely with the price of that good.
For which of the following products is social influence likely to have the greatest impact?
A) toothpaste B) restaurants C) high-blood pressure medication D) school textbook
The fraction of deposits that banks are required by law to hold and not lend out are called its
A) required reserves. B) net worth. C) excess reserves. D) reserves.