Scarcity refers to
A) a shortage in a good or service.
B) the ability of society to consume all that it produces.
C) the inability of society to satisfy all human wants because of limited resources.
D) the inability of an individual to purchase a good or service due to her limited income.
C
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In a perfectly competitive industry, in the long-run equilibrium
A) the typical firm is producing at the output where its long-run average total cost is not minimized. B) the typical firm is earning an accounting profit greater than its implicit costs. C) the typical firm is maximizing its revenue. D) the typical firm earns zero profit.
Refer to Figure 10.5. A shift from MP1 to MP2 will occur if
A) the Fed decreases its target for the short-term nominal interest rate. B) the term structure effect increases. C) the default-risk premium decreases. D) the expected inflation rate increases.
Between 1790 and 1860, Southern population growth was dominated by growth in the slave population
Indicate whether the statement is true or false
In the United States, major league baseball is exempt from antitrust laws. Before 1975, the baseball team owners agreed to hold an annual draft of amateur baseball players
Once the players were drafted and signed by a team, they were effectively tied to that team for life. This allowed baseball owners to operate like ________ in the market for player services. A) perfect competitors B) monopolistic competitors C) a monopsonistic cartel D) a monopoly