Scarcity arises because
A) resources are finite and are inadequate to meet all human wants.
B) production of goods and services is always slow.
C) companies are slow to explore for new resources.
D) a large number of people live in poverty.
A
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First degree price discrimination is efficient and therefore preferred by everyone to no price discrimination on the part of a monopolist.
Answer the following statement true (T) or false (F)
In the aggregate demand-aggregate supply model in the short run, a decrease in the money supply is likely to cause a(n): a. increase in both the price level and real GDP
b. decrease in both the price level and real GDP. c. increase in real GDP and a decrease in the price level. d. decrease in real GDP and an increase in the price level. e. increase in the price level only.
Refer to the above diagram, in which S1 and D1 represent the original supply and demand curves and S2 and D2 the new curves. In this market:
A. the new equilibrium price and quantity are both greater than they were originally. B. point M shows the new equilibrium position. C. an increase in demand has been more than offset by an increase in supply. D. the equilibrium position has shifted from M to K.
Refer to the information provided in Figure 3.8 below to answer the following question(s).
Figure 3.8Refer to Figure 3.8. Assume that there are only two people in the market for baseball caps: Alex and Ryan. Along the market demand curve for baseball caps, at a price of ________, quantity demanded would be ________.
A. $10; 7 B. $8; 12 C. $10; 11 D. $8; 13