The fact that our wants are unlimited but our resources are limited implies that
A) we should limit our wants.
B) entrepreneurship has failed as an economic system.
C) we have to make choices.
D) the only way to make someone better off is to make someone else worse off.
C
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In the above figure, if the price is $10, a profit-maximizing perfectly competitive firm will
A) produce 40 units. B) produce 25 units. C) produce 10 units. D) choose not to produce.
Clifford lives by the motto "Eat, drink and be merry today, for tomorrow doesn't matter." If today's consumption is measured on the horizontal axis and tomorrow's consumption is measured on the vertical axis, Clifford's indifference curves
A) are horizontal straight lines. B) are vertical straight lines. C) show decreasing utility as one moves upward. D) cannot be determined from the information given.