Scarcity exists when:
A) a choice must be made among two or more alternatives.
B) we face the notion of "all other things unchanged."
C) countries and people find themselves facing poverty.
D) the notions of normative economics come into play.
Answer: A) a choice must be made among two or more alternatives.
Economics
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A) bidder who bids up to his value for the good B) bidder who stops the auction C) bidder with the lowest value for the good D) second bidder
Economics
In the short run, a firm that finds itself earning a loss should compare the market price to which cost in order to determine how to minimize its losses?
A. Average total costs B. Average variable costs C. Marginal costs D. Fixed costs
Economics