As a student of economics, when you speak of scarcity, you are referring to
A) the ability of society to employ all of its resources.
B) the ability of society to consume all that it produces.
C) the inability of society to satisfy all human wants because of limited resources.
D) the ability of society to continually make technological breakthroughs and increase production.
C) the inability of society to satisfy all human wants because of limited resources.
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Which of the following is the result of competing through advertising for a monopolistically competitive firm?
a. Long-run average costs shift downward. b. The firm's demand curve become flatter and shifts inward. c. The firm's demand curve keeps the same slope and shifts inward. d. Long-run average costs shift upward.
In 2004 , the pizza market in Charleston, Illinois, was perfectly competitive. But almost overnight, one firm bought up all its competitors to become the monopoly in the Charleston pizza market. As a result,
a. less pizza was produced and price increased b. more pizza was produced and price increased c. less pizza was produced and price decreased d. more pizza was produced and price decreased e. quantity and price remained the same but profit increased
Which of the following is an example of a good whose price goes down because of improvements in technology?
a) computer printers b) running shoes c) hard-bound books d) typewriters
When negative externalities like pollution exist, competition leads to:
A. a socially efficient outcome. B. too few goods being bought and sold. C. a market equilibrium price that is too high. D. more production than would be efficient.