Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways.
Answer the following statement true (T) or false (F)
False
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Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.
The world price of the product is $6. If an import quota of 40 units is imposed on the product, then the equilibrium price would be_____ and the quantity consumed would be ________ units.
A. $6; 80 B. $12; 50 C. $10; 60 D. $8; 70
For an impure consumption good the maximum output is determined where_____
a. price equals marginal cost b. marginal cost equals the vertical summation of all individual demand curves c. price equals long run average total cost d. marginal cost equals the horizontal summation of all individual demand curves
Suppose that the equilibrium price of pickles falls while the equilibrium quantity rises. The most likely explanation for these changes is:
A. an increase in the supply of pickles. B. an increase in demand for pickles. C. a decrease in demand for pickles. D. a decrease in the supply of pickles.
The concept of "externalities" means
What will be an ideal response?