Scarcity is
A) a situation of shortage after a hurricane.
B) a permanent human condition relative to the nearly limitless nature of human desires.
C) represented by long lines at stores.
D) the same thing as poverty.
B
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Consider a market that is in equilibrium. If it experiences both an increase in demand and a decrease in supply, what can be said of the new equilibrium? The equilibrium:
A. price and quantity will both rise. B. quantity will definitely rise, while the equilibrium price cannot be predicted. C. price will definitely rise, while the equilibrium quantity cannot be predicted. D. price and quantity will both fall.
One reason that insurance companies must regularly deal with imperfect information is because:
a. customers routinely hide information that might embarrass them. b. the mix of individual and corporate customers is inherently imperfect. c. it is impossible to predict future events with certainty. d. they routinely sell many different types of insurance products.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
Explain the difference between macroeconomics and microeconomics. Give examples of each.
What will be an ideal response?