The problem of having unlimited wants under the constraint of limited resources can describe the problem of:
A. opportunity cost.
B. sunk costs.
C. scarcity.
D. the marginal principle.
C. scarcity.
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The average product of the 30th input item is
A. 200. B. 120. C. 24. D. 12.
For a typical person who is currently earning a low wage rate, the
a. substitution effect of a wage rate increase usually is stronger than the income effect b. substitution effect of a wage rate increase usually is weaker than the income effect c. income effect of a wage rate increase is usually zero d. substitution effect of a wage rate increase is usually zero e. substitution and income effects of a wage rate increase tend to work in the same direction
For a monopolist that does not price discriminate, economic profit is maximized in the short run at a price of $140 . Marginal revenue at that output level is
a. equal to $140. b. greater than $140. c. less than $140. d. less than marginal cost. e. greater than average revenue.
Bridget drinks three sodas during a particular day. The marginal benefit she enjoys from drinking the third soda
a. can be thought of as the total benefit Bridget enjoys by drinking three sodas minus the total benefit she would have enjoyed by drinking just two sodas. b. determines Bridget's willingness to pay for the third soda. c. is likely different from the marginal benefit provided to Bridget by the second soda. d. All of the above are correct.