Fundamentally, economics is concerned with:
a. how scarce resources are allocated to satisfy limited wants.
b. how limited resources are allocated to satisfy scarce wants.
c. how limited resources are allocated to satisfy unlimited wants.
d. how limited wants can be used to satisfy limited resources.
c
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Suppose the required reserve ratio was 10% and then it increased to 20%. This would
a) result in a drop in the money multiplier from 10 to 5. b) increase the amount of excess reserves available. c) result in an increase in the money multiplier from 5 to 10. d) have no impact on the money multiplier.
Suppose that all pizza companies have the same costs and the minimum average total cost is $12 per pizza. The pizza companies have an efficient scale of 100 pies per night
In the small town of Coatsville, at the price of $12 per pizza the quantity demanded is approximately 300 pizzas per night. This market, therefore, can best be characterized as A) perfectly competitive. B) a natural monopoly. C) a natural duopoly. D) a natural oligopoly.