Scarcity exists because
A. of unlimited resources.
B. human wants are enormous relative to the means available to satisfy them.
C. production is limited only by technology and human energy.
D. advertising creates unnatural desires for surplus goods.
B. human wants are enormous relative to the means available to satisfy them.
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"When a person is more productive in producing a good or service than another person, the first person has the comparative advantage in producing the good." Is this assertion correct or incorrect? Explain your answer
What will be an ideal response?
Refer to Figure 7-1. The efficient equilibrium price is
A) $30. B) $25. C) $20. D) <$20.
Monopolistically competitive firms advertise to attempt to
A) lower their average variable costs. B) build brand loyalty. C) lower barriers to entry. D) increase barriers to entry.
Demand shows the ________relationship between __________and ________________.
a. direct; price; quantity b. inverse; price; quantity c. inverse; supply; quantity d. direct; supply; quantity