The Scarcity Principle applies to:
A. firms primarily.
B. everyone.
C. poor people primarily.
D. consumers primarily.
Answer: B
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For the past 15 years the American public has wanted to buy big trucks. The Big Three automakers delivered, investing billions in plants that build gas guzzlers. Now, when customers walk into showrooms, gas mileage is on their mind
Retooling the industry will take years, so in the meantime GM, Ford and Chrysler are tweaking their existing models. They're changing tires, adjusting transmissions and exhaust valves in hopes of getting one or maybe two more miles per gallon. Which of the decisions by the Big Three to gain gas mileage is a short run decision? A) adjusting exhaust valves B) adjusting transmissions C) changing tires D) All of these decisions are short run decisions.
The branch of economics which studies the behavior of entire economies is called
A) public economics. B) macroeconomics. C) microeconomics. D) normative economics.
Refer to Figure 7-4. The efficient price of medical services is
A) $25. B) $40. C) $55. D) >$55.
Investors lower the risk of losing their investment by investing in one large firm, rather than investing in many small firms
a. True b. False Indicate whether the statement is true or false