"Economics is the study of how people eliminate scarcity." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. Economics is the study of how people make choices because of scarcity. Scarcity cannot be eliminated because people do not ever have enough of everything to satisfy their every desire. Scarcity is a fact of life for both rich and poor.
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The more inelastic the consumer demand for the final product, the
A) greater will be the economic profit in a competitive market. B) greater the impact on employment from a change in the wage rate. C) more inelastic the demand for labor producing the product. D) more responsive the output demand to a change in the price of labor.
Marginal profit is the addition to a firm's total profit from a
a. $1 change in its price. b. one-unit change in its output. c. reduction in total cost. d. reduction in marginal cost.