Scarce goods are:
a. desirable and unlimited in amount
b. undesirable and unlimited in amount.
c. desirable and limited in amount.
d. undesirable and limited in amount.
c
Economics
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The more substitutes that are available for a product, the more elastic the demand for that product is.
a. true b. false
Economics
Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium price of beef will
A) fall. B) perhaps rise, fall, or stay the same, but more information is needed to determine which it does. C) stay the same. D) rise.
Economics