Which of the following best describes the three fundamental economic questions?
a. hat to produce, when to produce, and where to produce.
b. What time to produce, what place to produce, and how to produce.
c. What to produce, when to produce, and for whom to produce
d. What to produce, how to produce, and for whom to produce.
d
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Which of the following is a good that might not be bought when prices rise?
a) complement b) substitute c) inferior good d) luxury
If quantity supplied is either greater or less than the equilibrium quantity, then all of the following are true except:
a. total loss of surplus will depend on the shape of the demand and supply curves. b. the resulting loss of consumer surplus will depend on the price of the good. c. total loss of surplus will depend on the price of the good. d. there will be an inefficient allocation of resources.