Evaluate the following statement: "Water is plentiful, therefore it can't be a scarce resource like oil which is not as plentiful."
What will be an ideal response?
The truth is that both water and oil are scarce because they are both limited in supply. The fact that water happens to be more plentiful than oil doesn't make it any less scarce of a resource.
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National income and domestic product must be equal.
Answer the following statement true (T) or false (F)
Microeconomics focuses on
A) the relationships among the different parts of the economy. B) the totals, or aggregates, of the economy. C) unemployment. D) business cycles.
Explain the principal–agent problem in business
Please provide the best answer for the statement.
In the short run, the firm should shut down when:
A. price is equal to the average total cost of production. B. price is less than the minimum of the average variable cost of production. C. price is equal to the minimum of the marginal cost of production. D. price is equal to the minimum of the average total cost of production.