The central problem of economics is the
A) Distribution of goods and services to those in need.
B) Human wants exceeding the availability of resources.
C) Inefficiency of government operations.
D) Labor unemployment.
Answer: B) Human wants exceeding the availability of resources.
Economics
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In the long run, equilibrium positions that arise in both monopolistically competitive and perfectly competitive markets are
A) MR = MC and P = MC. B) P = ATC and P = MC. C) MR = MC and P = ATC. D) MR = MC = P.
Economics
As the economy goes through an expansion,
a. fluctuations in GDP become more severe b. unemployment finally stabilizes c. investment stabilizes d. the classical model becomes a better predictor e. unemployment falls.
Economics