Scarcity results when available resources cannot satisfy all desired uses of those resources.

Answer the following statement true (T) or false (F)


True

Wants exceed resources.

Economics

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In practice, turning horizontal and vertical equity into tax law

a. hasn't been tried. b. has been fairly easy. c. is resisted by nearly all taxpayers. d. has been extremely difficult.

Economics

The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 Between 25 and 50 pizzas per day, the pizzeria's marginal cost is ________.

A. $8 B. $16 C. $6 D. $4

Economics

If the price of a product falls too much, the producer can ________________the market.

Fill in the blank(s) with the appropriate word(s).

Economics

For an industry in which average costs continue to decline as output rises, what would you expect the minimum efficient scale to be? Explain your answer

What will be an ideal response?

Economics