Demands differ from wants because
A) demands are unlimited, whereas wants are limited by income.
B) wants require a plan to acquire a good but demands require no such plan.
C) wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good.
D) demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good.
D
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If Jamal successfully and completely internalizes a negative externality, it follows that
A. transaction costs are zero. B. his marginal private costs are equal to marginal social costs. C. information is asymmetric. D. information is symmetric. E. none of the above
If a firm shuts down in the short run, it will:
a. incur losses equal to its fixed costs. b. produce at the output level where MC = MR. c. reduce its losses to zero. d. do this because P > AVC. e. have total revenue greater than total fixed costs.
In Figure 29.1, the area that represents the total variable cost to the producer under monopoly is
A. OFCQPC. B. OPPCCQPC. C. OFEQmonopoly. D. OPmonopolyBQmonopoly.
A minimum wage above the equilibrium wage leads to an excess quantity supplied of labor.
Answer the following statement true (T) or false (F)