The economic problem associated with the idea of scarcity is that
a. resources are limited but wants are insatiable
b. wants are limited to the available resources
c. resources are unlimited but wants are limited
d. both resources and wants are limited
e. both resources and wants are unlimited
A
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Diminishing marginal product means that ________
A) when adding extra units of a single input, output increases become smaller B) when adding extra units of a single input, output increases become larger C) when adding extra units of a single input, output declines D) the amount of output increases when we add more inputs E) none of the above
Adverse selection arises when:
A. the wants of both parties are aligned with one another. B. buyers and sellers have different information about the quality of a good or the riskiness of a situation. C. buyers and sellers with the same information about the quality of a good or the riskiness of a situation seek each other out. D. people behave in a riskier way because they have incomplete information.
Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Shell gasoline, and Shell gasoline at a particular gas station
Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. If the company had total costs of $2,000,000, what was the profit for this company?
A. $375,000 B. $3,525,000 C. $1,525,000 D. $850,000