Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced.
B) there are not enough goods to satisfy all of the buyers' demand.
C) there is more than enough money to satisfy consumers' wants.
D) the resources we use to produce goods and services are limited.
D
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The purely competitive employer of resource A will maximize the profits from A by equating the
A. price of A with the MRC of A. B. marginal productivity of A with the price of A. C. price of A with the MRP of A. D. marginal productivity of A with the MRC of A.
The market demand curve for a popular teen magazine is given by Q = 80 - 10P where P is the magazine price in dollars per issue and Q is the weekly magazine circulation in units of 10,000
If the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue? A) $2.00 B) $1.00 C) Zero D) -$1.00
If a customer values good A at $15, and it costs the firm $10 to produce, current profit per unit is
a. $10 b. $8 c. $5 d. $1
When households practice diversification it means that they are buying which of the following?
a. stocks or bonds from only one company to increase their risks b. stocks or bonds from only one company to lower their risks c. stocks and bonds from a wide-range of companies to increase their risks d. stocks and bonds from a wide-range of companies to lower their risks