When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources.
B) ability of society to consume all that it produces.
C) inability of society to satisfy all human wants because of limited resources.
D) ability of society to continually make technological breakthroughs and increase production.
C
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According to the graph shown, the market price is:
A. $15
B. $9
C. $11
D. $20
Suppose that the labor market for life guards is initially in equilibrium. Then a new television series debuts which glamorizes the social opportunities for life guards. What happens to the equilibrium wage and quantity of life guards?
a. Both the equilibrium wage and quantity increase. b. Both the equilibrium wage and quantity decrease. c. The equilibrium wage increases, and the equilibrium quantity decreases. d. The equilibrium wage decreases, and the equilibrium quantity increases.
As was demonstrated in 2007, firms in the shadow banking system
A) were very vulnerable to bank runs. B) were protected from financial ruin by federal deposit insurance. C) were well insulated from bank runs. D) were more insulated from the financial crisis than were commercial banks.
Since the National Basketball Association is the only significant employer of professional basketball players, it might be referred to as a(n)
A. oligopsony. B. monopsony. C. oligopolist. D. monopoly.