Scarcity can best be defined as a situation in which:
A. there are no buyers willing to purchase what sellers have produced.
B. there are not enough goods to satisfy all of the buyers' demand.
C. the resources we use to produce goods and services are limited.
D. there is more than enough money to satisfy consumers' wants.
Answer: C
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Suppose you hear Professor I.M. Dismal say, "There is no substitute for carefully reading your textbook!" In the real world, students
A) will always and absolutely obey their professor's orders. B) will purchase the textbook regardless of its price. C) will often find what they believe are useful substitutes for reading the text. D) will have a vertical demand curve for textbooks.
Table 8-2 Price Quantity Total Cost$22 6$ 60 2010100 1816160 1621210 1428280? In Table 8-2, the profit-maximizing level of output is
A. 6 B. 10 C. 16 D. 21