If a resource is in fact becoming scarcer, then one should expect
a. the price of the resource to rise.
b. less demand for the resource as people try to conserve.
c. greater supply as people reduce inventories before it is all gone.
d. all of the above.
a
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Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800If Giovanni produces 40 pounds of green beans and Jorge produces 80 pounds of corn, then the total amount of green bean production equals ________ and the total amount of corn production equals ________. If Giovanni and Jorge specialize in their respective low-cost good, then the total pounds of green bean production equals ________ and the total pounds of corn production equals ________.
A. 200, 100; 320, 160 B. 100, 200; 160, 320 C. 100, 200; 320, 160 D. 200, 100; 160, 320
The above figure shows a consumer's indifference curves for soda and all other goods. Assuming a budget of $100, derive the consumer's demand for soda for prices of $4 and $10 per case of soda. Estimate the price elasticity of demand for soda
What will be an ideal response?
The above figure shows the demand and cost curves facing a monopoly. At the profit-maximizing price, the elasticity of demand equals
A) -1. B) zero. C) infinity. D) -3.
Which of the following will cause an increase in the demand for the Venezuelan currency, the Venezuelan bolivar?
A) real interest rates in Venezuela fall B) U.S. residents change preferences in favor of goods produced in the United States C) real interest rates in the United States increase D) none of the above