The perpetual state of insufficiency of resources to satisfy people's unlimited wants is
a. apparent only in poor countries
b. a contradiction that cannot be resolved
c. completely unrealistic
d. present in modern economies, but not in the past
e. the definition of scarcity
E
Economics
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Producer surplus measures the value between the actual selling price and the profit-maximization price
a. True b. False Indicate whether the statement is true or false
Economics
All production involves an opportunity cost because
a. to produce costs money b. costs of production are sky rocketing c. to produce more of one thing, we must produce more of everything d. to produce more of one thing, we must produce less of something else e. when an individual obtains more of a good, he may not be fully satisfied
Economics