Why do economists say that everyone faces scarcity?
a. All people must share the same natural resources.
b. Everyone competes for the available goods and services.
c. People are willing to pay for goods and services.
d. No one can have all the goods and services they desire.
d. No one can have all the goods and services they desire.
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Which of the following statements about explicit costs is true?
A. They usually exceed implicit costs. B. They are the only costs that matter to business owners. C. They appear on the firm's balance sheet. D. They are difficult to measure.
When the government conducts activist fiscal policy, what type of spending does it usually use?
A) net interest spending B) entitlement and mandatory spending C) strategic spending D) discretionary spending
For a monopsonistic hirer of labor, the gap between labor's marginal revenue product and its wage rate will be greater:
a. the more elastic the supply curve for labor. b. the more inelastic the supply curve for labor. c. the more elastic the firm's demand for labor. d. the more inelastic the firm's demand for labor.
Based on the graph showing equilibrium output and price for a monopolist, the profit loss from producing too little is located ______.
a. below the marginal revenue curve
b. below the marginal cost curve
c. above the demand curve
d. above the marginal revenue curve