Scarcity exists because of:
a. the allocation of goods by prices
b. specialization and division of labor.
c. the market mechanism.
d. unlimited wants and limited resources.
d
Economics
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If the demand for a monopoly's output shifts rightward, the change in quantity produced is
A) positive. B) negative. C) zero. D) not predictable.
Economics
In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cost must be:
a. $25. b. $2,500. c. $5,000. d. $7,500.
Economics