Goods are scarce when:
a. their price is too low.
b. their price is too high.
c. the amount people want is more than the amount available at a zero price.
d. people want less of something as compared to what is available.
e. their prices are controlled.
c
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Movement along the aggregate expenditure line is caused by a change in the level of income
a. True b. False Indicate whether the statement is true or false
Which of the following is not a transfer payment?
a. a $100 check from your parents to you b. a birthday present from your roommate c. your grandmother's monthly Social Security check d. your uncle's unemployment insurance check e. the interest payments on the savings bond your dad bought last month
A market system (market economy) depends on the market to
a. find the most efficient way of using resources. b. determine how large the budget deficit should be. c. decide how much government regulation there should be. d. provide minimum incomes for everyone. e. All of the above are correct.
If two products satisfy a consumer equally, the consumer will choose the product
a. with the lower marginal utility b. with the higher marginal utility c. with the lower price d. with the higher price