Scarcity arises because
A) resources are limited and are inadequate to meet all human wants.
B) shortages occur in some markets.
C) natural resources are abundant.
D) some people do not behave in a rational manner.
Answer: A
You might also like to view...
Because firms can free ride on the research and development of other firms
A) firms choose a level of research and development where the marginal cost of research is above the economy's marginal return of research. B) firms choose a level of research and development where the marginal cost of research is equal to the economy's marginal return of research. C) firms choose a level of research and development where the marginal cost of research is below the economy's marginal return of research. D) firms choose a level of research and development where the marginal cost of research is below the individual firm's marginal return of research.
At equilibrium, the profit-maximizing monopolist facing the situation shown in the graph will face a negative:
A. Average revenue
B. Total revenue
C. Marginal revenue
D. Profit
A change in the slope of an isocost line is due to a change in
A) the price of one or both inputs. B) quantity of output. C) total cost. D) the output price.
Which of the following countries have experienced recession and high levels of unemployment related to their inability to control the growth of government and high levels of debt?
a. Greece. b. Portugal. c. Italy. d. all of the above.