Which of the following statements is true?
a. Goods are scarcer than services in an economy.
b. Goods are scarce for neither the poor nor the rich.
c. Goods are scarce for both the poor and the rich.
d. Goods are scarce for the poor but not for the rich.
e. Goods are scarce for the rich but not for the poor.
c
You might also like to view...
Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. At what price does each shoe shine sell?
A. $1 B. $3 C. $2.50 D. $2
In practice, turning horizontal and vertical equity into tax law
A. hasn’t been tried. B. has been fairly easy. C. is resisted by nearly all taxpayers. D. has been extremely difficult.
List the various arguments against free trade
What will be an ideal response?
Refer to Figure 7-1. Marginal social benefit is represented by which curve?
A) Supply B) D1 C) D2 D) All of the above represent marginal social benefit.