In the production of goods and services, trade—offs exist because
A) not all production is efficient.
B) society has only a limited amount of productive resources.
C) buyers and sellers often must negotiate prices.
D) human wants and needs are limited at a particular point in time.
B) society has only a limited amount of productive resources.
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Which of the following will cause equilibrium output in a market to increase?
a. A decrease in firms’ variable costs. b. An outward shift of the demand curve. c. Entry of more firms into the market. d. All of the above.
Define net borrower, net lender, creditor nation, and debtor nation. Discuss the difference between a net borrower and a debtor nation
What will be an ideal response?
To economists, good environmental policy begins by acknowledging one of the Ten Principles of Economics:
a. Trade can make everyone better off. b. People face trade-offs. c. Markets are usually a good way to organize economic activity. d. A country's standard of living depends on its ability to produce goods and services.
Explain why the amount that firms spend on advertising depends on the characteristics of their products
What will be an ideal response?