Scarcity means that:
a. resources are unlimited
b. human wants are limited.
c. limited resources cannot satisfy all of our unlimited human wants.
d. choices are unnecessary.
c
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Refer to the above figure. Line EBD is called
A) the saving function. B) the consumption function. C) the 45-degree line. D) aggregate demand.
Total revenue for a seller represents the amount that:
a. sellers receive for a good or service which is computed as P ÷ Q. b. sellers receive for a good or service which is computed as P Q. c. one buyer spends on a good or service which is computed as P Q. d. one buyer spends on a good or service which is computed as P ÷ Q.
The nation's largest cable TV company tested the effect of a price reduction for premium movie channels. It increased prices from $20 to $30 per month and found virtually no change in the number of customers. This means: a. the demand curve for the premium movie channels shifted to the right
b. the supply curve for premium movie channels shifted to the left. c. the demand for premium movie channels is very elastic in this price range. d. the demand for premium movie channels is very inelastic in this price range.
If the demand for a good decreases as income decreases, then the good is a(n):
A. substitute good. B. inferior good. C. normal good. D. complementary good.