Advocates of a gold standard believe that long-term price stability would be more likely under a gold standard than under current Fed monetary policy

Which of the following illustrates the concept of scarcity?

a. There is usually more than one use of your "free" time in the evening. b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles. c. There are many competing uses for the annual budget of your city, county, or state. d. All of the answers are correct.

If Jason's fixed cost totals $800 with variable cost per unit of $10 at a quantity of 100 units, what would his average total cost equal?

a. $8.10 b. $18.00 c. $90.00 d. $91.00