Scarcity implies that
A. firms should be more efficient when producing goods.
B. people must make choices.
C. nonrenewable resources should never be used.
D. people should limit their wants, since shortages exist.
Answer: B
Economics
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Rent seeking refers to the asking prices for goods and services being sold on the black market
Indicate whether the statement is true or false
Economics
Individual firms in perfectly competitive industries are price takers because
A) the government sets all prices. B) buyers set prices. C) firms decide together on the best price to charge. D) each individual firm is too small to affect the market price.
Economics