Which of the following statements about economic scarcity is FALSE?
A. Scarcity only occurs if there are shortages and people wait in line to buy things.
B. Scarcity results in the necessity to make choices.
C. Scarcity results from not having enough resources to produce all the things we want.
D. Scarcity occurs among the poor and the rich.
Answer: A
You might also like to view...
In the above figure, a price floor of $4
A) leads to a shortage. B) leads to a surplus. C) has no effect. D) shifts the demand curve leftward.
For all points above the 45-degree line, planned aggregate expenditure will be less than GDP
Indicate whether the statement is true or false
A monopoly has two production plants with cost functions C1 = 40 + 0.2Q12 and C2 = 50 + 0.1Q22. The demand it faces is Q = 480 ? 5P. What is the profit-maximizing price?
A. $40 per unit B. $50 per unit C. $45 per unit D. $60 per unit
Table 25.1 Company XYZ's Possible ResponsesCompany ABC's ActionCharge high PricesCharge low PricesCharge high PricesProfit gain/loss=$0Profit loss=$5,000Charge low PricesProfit gain=$50,000Profit loss=$500Given the payoff matrix in Table 25.1, if the probability of rivals matching a price reduction is 99 percent, what is the expected payoff for a price cut by Company ABC?
A. $0. B. -$5,000. C. $5. D. -$500.