In economics
A) both resources and wants are limited.
B) both resources and wants are unlimited.
C) resources are limited but wants are unlimited.
D) resources are unlimited but wants are limited.
Answer: C
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Explicit costs are
A) costs that are measured in dollars. B) costs that do not involve an exchange of money. C) the same as opportunity costs. D) the same as implicit costs.
The Equilibrium Principle asserts that in a market equilibrium:
A. unexploited opportunities exist for both individuals and society. B. no unexploited opportunities exist for society. C. unexploited opportunities exist for individuals but not for society. D. no unexploited opportunities exist for individuals.
In monopolistic competition, the point of tangency between the demand curve and the ATC curve cannot be at the lowest level of average cost because the demand curve is ______.
a. downward sloping b. upward sloping c. horizontal d. vertical
A monopolist operates at the minimum point of its ATC curve
A. only in the short run. B. only in the long run. C. in both the short run and the long run. D. in neither the short run nor the long run.