Economics can be described as the study of how people use ________ resources to satisfy ________ wants
A) unlimited; unlimited
B) unlimited; limited
C) limited; unlimited
D) limited; limited
C) limited; unlimited
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Rational ignorance about the efficient quantity of a public good can result in
A) the principle of minimum differentiation. B) excludable goods. C) bureaucratic overprovision of a good. D) the vertical summation of individual's marginal benefit curves.
When there is only one buyer of labor in a community, we talk of a
A) monopoly. B) monopsony. C) monopolistic market. D) labor cooperative.
The marginal revenue curve of a monopolistically competitive firm will always lie:
a. below the firm's demand curve. b. parallel to the firm's demand curve. c. parallel to the firm's quantity axis. d. above the firm's demand curve.
When households and businesses interact in resource markets money
a. is not exchanged b. is flowing toward businesses c. is flowing toward households d. is not used at all e. is flowing to both businesses and households