Economic goods are
A) abundant goods, about which we must constantly make decisions about their best use.
B) all imaginable items from which individuals derive satisfaction or happiness.
C) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price.
D) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price.
C
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In the above figure, an increase in the expected profit will result in a movement from point E to
A) point F. B) point G. C) point H. D) point I.
Suppose the domestic supply (QSU.S.) and demand (QDU.S) for bicycles in the United States is represented by the following set of equations:QSU.S. = 2PQDU.S. = 200 - 2P.Demand (QD) and supply (QS) in the rest of the world is represented by the equations:QS = PQD =160 - P.Quantities are measured in thousands and price, in U.S. dollars.After the opening of free trade with the rest of the world, if the world price of bicycles settles at $60, the United States will
A. import 60,000 bicycles. B. export 60,000 bicycles. C. export 40,000 bicycles. D. import 40,000 bicycles.