Which of the following statements accurately shows the relationship between scarcity and resources?
a. There are enough inputs.
b. There is a limited amount of inputs.
c. There are enough outputs.
d. There is a limited amount of outputs.
b. There is a limited amount of inputs.
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The "law of demand" is illustrated by a
A) rightward shift of the demand curve. B) leftward shift of the demand curve. C) movement along the demand curve. D) Both answers A and B are correct.
External economies of scale arise when the cost per unit
A) falls as the industry grows larger and rises as the average firm grows larger. B) rises as the industry grows larger and falls as the average firm grows larger. C) falls as the industry and the average firm grows larger. D) remains constant over a broad range of output. E) rises as the industry and the average firm grows larger.
Producer surplus is the:
a. number of producers who are excluded from a market because of scarcity. b. amount of a good that a producers will sell at a price below the equilibrium price. c. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good. d. amount consumers are willing to pay for a good minus the cost of producing the good.
Other things constant, when the work opportunities in an occupation are unstable (that is, layoffs are common), the hourly wages of workers in the occupation will tend to be
a. lower than the wages of workers with otherwise similar jobs. b. above market equilibrium. c. higher than the wages of workers with otherwise similar jobs. d. below market equilibrium