To say that there is a scarcity of gold means that:
a. gold prices will fall in the future.
b. there is not enough gold to satisfy people's demand for it at a zero price.
c. there are very few substitutes for gold.
d. gold is very expensive.
e. the demand for gold is changing.
b
Economics
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At high wage rates, the labor supply curve bends backward because the ________ effect dominates the ________ effect
A) income; price B) substitution; income C) substitution; price D) income; substitution
Economics
Which of the following is a current example of a government-granted cartel?
A) the "Big Three" accounting firms B) the U.S. automobile industry C) U.S. professional baseball D) the U.S. airline industry
Economics