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A consequence of the economic problem of scarcity is that:

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  1. A consequence of the economic problem of scarcity is that:
  2. Factors of production are:
  3. Opportunity cost may be defined as the:
  4. A point on a nation's production-possibilities curve represents:
  5. If an economy experiences increasing opportunity costs with respect to two goods, then the production-possibilities curve between the two goods will be:
  6. Given that resources are scarce:
  7. A movement from point C to point A results in:
  8. An increase in the capacity to produce can be represented by a movement from point:
  9. A shift of the production-possibilities curve from PP1 to PP2 could be caused by:
  10. Which of the following is true about the combination of plasma televisions and MP3 players represented by point F?
  11. Assume that pencils and pens are substitutes. If the price of pencils rises, then we will see:
  12. If the marginal cost curve is rising, then which of the following must be true?
  13. Maximum total revenue occurs when:
  14. The equilibrium price in a market is found where:
  15. Assume a series of forest fires reduces the supply of lumber, which is an input in the production of wooden bats. Baseballs and wooden bats are complements. If the price of wooden bats increases, we can expect the:
  16. Which determinant of demand changes in the personal computer market as more individuals become interested in "surfing the Internet"?
  17. Which of the following determinants of demand is most directly an indication of a consumer's utility for a good?
  18. A market is said to be in equilibrium when:
  19. Marginal physical product is the:
  20. Which of the following is the best explanation of why the law of diminishing returns does not apply in the long run?
  21. A lower quantity demanded of a good reflects, ceteris paribus:
  22. If Carmen's Coffee Company wants to increase total revenue and the price elasticity of demand is 0.43, the company should:
  23. In the short run, when a firm produces zero output, variable cost equals:
  24. The term market mechanism refers to:
  25. Jose goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. He does not go back for a fourth plate of food because:
  26. Total utility is maximized when:
  27. In the short run, when a firm produces zero output, total cost equals:
  28. When the percentage change in quantity demanded is less than the percentage change in price, ceteris paribus:
  29. The most desirable rate of output for a firm is the output that:
  30. Which of the following is a determinant of supply?
  31. A U-shaped average total cost curve implies:
  32. The additional pleasure or satisfaction from a good declines as more of it is consumed in a given period. This is the definition of the:
  33. Economies of scale are reductions in average:
  34. If there is a surplus at a given price, then:
  35. Marginal cost:
  36. If there is a shortage at a given price, then:
  37. Suppose a university raises its tuition by 6% and as a result the enrollment of students decreases by 3%. The absolute value of the price elasticity of demand is:
  38. Economies of scale:
  39. When the size of a factory (and all its associated inputs) doubles and, as a result, output more than doubles:
  40. A shift in supply is defined as a change in:
  41. When Claudia goes to the gas station she buys 10 gallons of gas no matter what the price per gallon. What does this imply about her price elasticity of demand for gasoline?
  42. A production function shows the:
  43. Accounting costs and economic costs differ because:
  44. What is the marginal cost of the 120th unit of output?
  45. What is the average fixed cost when output is 120 units?
  46. At what output does this firm maximize technical efficiency?
  47. At what output level does diminishing marginal return begin?
  48. What is the total fixed cost?
  49. What is the total variable cost when output is 100 units?
  50. What is the total cost of 120 units?

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