In China, beef is considered a:
A) luxury.
B) necessity.
C) close substitute for chicken.
D) none of the above.
A
You might also like to view...
Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.
In the above figure, 300,000 purses per month is
A) the efficient amount to produce because at 300,000 purses marginal social benefit equals marginal social cost. B) the efficient amount to produce because at 300,000 purses marginal social benefit is greater than marginal social cost. C) an inefficient amount to produce because at 300,000 purses marginal social benefit equals marginal social cost. D) an inefficient amount to produce because producing 500,000 purses sets the marginal social benefit equal to zero.
What causes a production possibilities frontier to shift outward?
What will be an ideal response?
If demand is represented as Qd = 24 - P and supply is represented as Qs = 6 + 2P, the equilibrium quantity is
A. 3. B. 6. C. 10. D. 18.